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 main challenges Mexico faces in maintaining its economic interests between the U.S. and China?
**Interview with Mexican Economic Minister on US-China Tensions and Economic Relations**
**Editor:** Thank you for joining us today, Minister. Your recent remarks have shed light on the complexities of economic relations between the U.S., Mexico, and China. Can you elaborate on how the tensions between the U.S. and China impact Mexico’s economic strategy?
**Minister:** Thank you for having me. The tensions between the U.S. and China are certainly significant, and they play a central role in our strategy. As I mentioned, the U.S. remains our primary economic partner, and we are deeply aware that any conflict or competition between these two global powers will have ripple effects that impact Mexico. Our goal is to navigate these choppy waters carefully to protect our interests.
**Editor:** It’s clear that the U.S. sees China as a major economic competitor. How does Mexico position itself in this context?
**Minister:** Mexico is strategically placed to act as a bridge between the two economies. We have become one of the main exporters to the United States, and this gives us leverage. Our intention is to mitigate the upcoming conflicts by enhancing trade relations with the U.S. while maintaining a sensible posture towards China, promoting our exports and attracting investments.
**Editor:** What specific steps is Mexico taking to strengthen its economic ties with the U.S. amid these tensions?
**Minister:** We are focused on several initiatives, including strengthening supply chains and investing in key industries that align with U.S. interests. By enhancing our infrastructure and workforce, we aim to bolster our position as a reliable trading partner. Additionally, we are engaging in dialogues with U.S. officials to ensure that our policies align well with their strategic goals.
**Editor:** And how do you foresee the future of Mexico’s role in North America given these dynamics?
**Minister:** I believe that Mexico’s role will continue to grow. We are committed to being an essential ally to the U.S. and ensuring that our economic relations flourish even amidst global uncertainties. Our strong ties can help foster resilience and adaptability in North America, making us collectively stronger in the face of external challenges.
**Editor:** Thank you, Minister, for sharing your insights. It will be interesting to see how this dynamic develops in the coming months.
**Minister:** Thank you for having me. I appreciate the opportunity to discuss these important issues.
