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 strategies is Mexico employing to strengthen its economic ties with the United States amidst rising US-China tensions?
**Interview with Mexican Economic Minister: Navigating US-China Tensions**
**Editor:** Today, we have the honor of speaking with [Minister’s Name], Mexico’s Economic Minister, who has been vocal about the implications of increasing tensions between the United States and China on economic relations. Thank you for joining us today, Minister.
**Minister:** Thank you for having me. It’s a pleasure to be here.
**Editor:** In your recent comments, you mentioned that “the tension in economic relations with China will occupy a central place in the US strategy.” Can you elaborate on what you mean by that?
**Minister:** Absolutely. The ongoing competition between the US and China is reshaping global economic dynamics. As tensions rise, we anticipate that the US will look to strengthen its relationships with allies and partners, including Mexico. This presents both challenges and opportunities for us.
**Editor:** You also stated, “We will try to some extent to mitigate the upcoming conflict and competition.” What steps can Mexico take to ensure its interests are protected in this dynamic?
**Minister:** We are committed to reinforcing our trade agreements and enhancing our economic ties with the US. Mexico is already one of the main exporters to the United States, and we’re working to increase that trade volume, ensuring we create jobs and foster innovation. Critical measures include diversifying our supply chains and investing in key sectors that benefit from this partnership.
**Editor:** Given the current climate, how do you view Mexico’s position in relation to both the US and China?
**Minister:** We see ourselves as a bridge between the two powers. While the US is our primary economic partner, we also engage with China in sectors where it benefits us. Our strategy is to balance these relationships to create a robust and resilient economy.
**Editor:** how optimistic are you about Mexico’s economic growth amidst these geopolitical tensions?
**Minister:** I believe there is a silver lining. Economic challenges, like those posed by US-China tensions, often drive innovation and collaboration. Mexico has a strong foundation, and by strategically navigating these waters, I am optimistic that we can emerge even stronger.
**Editor:** Thank you, Minister, for sharing your insights with us today. It’s clear that Mexico’s role in the global economy is more crucial than ever.
**Minister:** Thank you for the opportunity. It’s vital that we keep these conversations going.