The minister added: “The tension in economic relations with China will occupy a central place in the US strategy.” “We are well aware that the United States is our main economic partner… We will try to some extent to mitigate the upcoming conflict and competition between Washington and Beijing.”
Speaking about the economic relations between the American side and his country, the Mexican minister pointed out that it has now become one of the main exporters to the United States, and expressed his confidence that by Trump’s second presidential term, Mexico will be in a better position to renegotiate the free trade agreement than it was during His first presidential term 2017-2021.
“The current starting point is much better than it was six years ago,” he said.
When Trump was still a presidential candidate for the Republican Party, he said that, if elected, he intended to increase tariffs on products coming from China and other countries.
It is noteworthy that the first period of Trump’s presidency witnessed “trade wars” between the United States and China. In practice, Trump’s successor, current President Joe Biden, has continued this economic confrontation: threats have been issued to increase tariffs on imports of Chinese steel, aluminum, and electric cars.
Earlier, calculations conducted by RIA Novosti confirmed that the main exporter of goods to the United States in the first eight months of 2024 was Mexico worth $335 billion, followed by China ($279 billion) and Canada ($275 billion). At the end of this year, Mexico will maintain its leadership in this area, with a supply volume of $496 billion. China comes in second place with a value of $431 billion.
In July, the White House announced that when importing from Mexico and in order to enter the US market duty-free under the US-Canada-Mexico Free Trade Agreement, stainless steel products as well as aluminum must be of Mexican origin, but if the metals used come from outside Mexico A 25% customs duty and a 10% tax will be imposed on Mexican aluminum goods produced using raw materials from China, Russia, Belarus and Iran.
Source: Novosti
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What are the key opportunities for Mexico as the U.S. reassesses its economic relationship with China?
**Interview with Mexican Economic Minister on US-China Relations and Mexico’s Role**
**Interviewer:** Thank you for joining us today, Minister. You recently mentioned that the tension in economic relations with China will play a key role in the United States’ strategy. Can you elaborate on what this means for Mexico?
**Minister:** Certainly. As the economic dynamics between the U.S. and China evolve, we recognize that these changes present both challenges and opportunities for Mexico. With the U.S. as our main economic partner, we aim to navigate this delicate landscape by mitigating potential conflicts and fostering a cooperative approach.
**Interviewer:** That’s interesting. You highlighted Mexico’s position as one of the main exporters to the United States. How does this influence your strategy moving forward?
**Minister:** Our strong export relationship with the U.S. puts us in a unique position to support them as they reevaluate their economic ties with China. We believe that by enhancing our exports and deepening bilateral trade, we can play a pivotal role in their strategy while bolstering our own economy in the process.
**Interviewer:** Given the competitive atmosphere between Washington and Beijing, what specific steps is Mexico taking to strengthen its economic relationship with the U.S.?
**Minister:** We are actively working on initiatives that promote trade and investment. This includes improving our supply chains, increasing collaboration in technology and innovation sectors, and ensuring that our labor force is equipped to meet the demands of the evolving marketplace. Our goal is to position Mexico as a reliable partner in the Americas, one that can help the U.S. achieve its economic objectives while benefiting our own economy.
**Interviewer:** Lastly, what message do you want to convey to both U.S. and Mexican businesses during this time of economic uncertainty?
**Minister:** I want to emphasize that collaboration is key. We are committed to fostering a stable and prosperous economic environment. By working together, we can weather the tensions of today’s geopolitics and build a stronger economic future for both our nations. Let’s seize this moment to enhance our partnership.
**Interviewer:** Thank you, Minister, for your insights. We appreciate your time.
**Minister:** Thank you for having me.