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 sectors contributing to Mexico’s growth as an exporter to the U.S. market?
**Interview with Mexican Minister of Economic Relations**
**Editor**: Good afternoon, Minister. Thank you for joining us today.
**Minister**: Good afternoon, and thank you for having me.
**Editor**: In light of recent comments regarding the tensions between the United States and China, how do you view Mexico’s position in this evolving landscape?
**Minister**: Our position is critical. The U.S. is not just our largest trading partner; it is integral to our economy. We recognize the upcoming challenges posed by the tension in U.S.-China relations, and we are committed to navigating this carefully.
**Editor**: You mentioned mitigating potential conflicts. Can you elaborate on what steps Mexico is taking to address these economic tensions?
**Minister**: Certainly. We are focusing on enhancing trade agreements, strengthening supply chains, and expanding our export capabilities to the United States. By solidifying our trade relationship, we can help buffer the impacts of U.S.-China competition.
**Editor**: Mexico has become one of the main exporters to the U.S. What sectors are driving this growth, and what opportunities do you see on the horizon?
**Minister**: Our growth has been particularly strong in the automotive, electronics, and agricultural sectors. Furthermore, as companies diversify their supply chains to reduce dependency on China, Mexico stands poised to attract more foreign direct investment, especially in emerging technologies and manufacturing.
**Editor**: how do you envision the role of Mexico in the broader context of U.S. economic strategy moving forward?
**Minister**: Mexico will play a vital role as a reliable partner in the Americas. Our geographic proximity, skilled workforce, and existing trade networks position us well to become a key player in U.S. economic strategy, all while promoting our own interests and fostering innovation at home.
**Editor**: Thank you, Minister, for sharing your insights. It sounds like Mexico is positioned to play a key role in a complex global economy.
**Minister**: Thank you for having me; I look forward to the ongoing conversation!
