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 are sourced 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 is Mexico positioning itself to benefit from the evolving economic dynamics between the US and China?
**Interview with Mexican Economic Minister on US-China Relations**
**Editor:** Today, we have the privilege of speaking with Mexico’s Economic Minister, who has shared insightful perspectives on the evolving economic landscape between the United States and China. Thank you for joining us.
**Minister:** Thank you for having me.
**Editor:** You’ve mentioned that the tension in economic relations with China will be central to the US strategy. Can you elaborate on what this means for Mexico?
**Minister:** Certainly. As the United States navigates its relationship with China, we recognize that this tension creates both challenges and opportunities for us. The US is our primary economic partner, and we are committed to ensuring our role as a supportive ally. We aim to mitigate potential conflicts and sustain strong trade relations.
**Editor:** You highlighted Mexico’s position as one of the main exporters to the United States. Could you explain how this status has impacted your country?
**Minister:** Yes, being a key exporter to the US has solidified our economic ties and has allowed us to diversify our exports. This has not only boosted our economy but has also positioned us as a favorable partner amid global uncertainties. We are leveraging our geographic proximity and manufacturing capabilities to strengthen our relationship with the US.
**Editor:** What steps is Mexico taking to navigate the competition between the US and China?
**Minister:** We are actively seeking to enhance our trade agreements, invest in innovation, and improve our infrastructure. Additionally, we are strengthening our involvement in supply chains that are currently influenced by US-China dynamics, ensuring that we remain an attractive destination for investment and trade.
**Editor:** how do you see the future of economic relations between Mexico, the US, and China evolving?
**Minister:** I believe that while competition will persist between the US and China, there is also a significant opportunity for Mexico to play a crucial role as a bridge for economic collaboration. Our goal is to maintain strong trade relations with both nations, fostering mutual growth and stability.
**Editor:** Thank you, Minister, for your insights. It will be interesting to see how these dynamics unfold and how Mexico positions itself amid these global challenges.
**Minister:** Thank you for having me. It’s a pleasure to share our perspective.
