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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How does Mexico plan to adapt its export strategy in response to the ongoing economic competition between the U.S. and China?
**Interview with Economic Minister of Mexico**
**Interviewer:** Thank you for joining us today. Your comments regarding economic relations with the United States and China have caught a lot of attention. Can you elaborate on what you meant when you said the tension in economic relations with China will be central to the U.S. strategy?
**Minister:** Certainly. The ongoing economic competition between the U.S. and China is reshaping global trade dynamics. As we navigate this landscape, it’s essential for us to understand how these tensions will influence our own economic relations with both nations. The U.S. is our primary economic partner, and we recognize that our interests are closely tied to theirs.
**Interviewer:** You mentioned the strategies to mitigate the upcoming conflict and competition between Washington and Beijing. What specific measures does Mexico plan to take?
**Minister:** Our approach will focus on strengthening our trade ties with the U.S. while being mindful of the broader geopolitical implications. This includes diversifying our exports, enhancing cooperation in strategic sectors, and ensuring that we remain an attractive partner for American investments.
**Interviewer:** You cited Mexico as one of the main exporters to the United States. How has this status changed Mexico’s economic landscape?
**Minister:** Our position as a major exporter has led to significant economic development within Mexico. It has increased job creation, stimulated local industries, and improved our overall trade balance. This relationship is pivotal, and we aim to leverage it further as we navigate the complexities of international trade.
**Interviewer:** What challenges do you foresee in maintaining this strong relationship with the U.S. amid tensions with China?
**Minister:** There will undoubtedly be challenges. We must stay proactive in addressing potential trade disruptions and ensure that we are strategically positioned to benefit from shifts in the global market. Communication and collaboration with U.S. partners will be crucial to our success.
**Interviewer:** Thank you for your insights, Minister. It will be interesting to see how these dynamics evolve.
**Minister:** Thank you for having me. Keeping an open dialogue is essential as we move forward in this complex global environment.
