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 can Mexico capitalize on the tensions between the U.S. and China to boost its export growth?
**Interview with Mexican Economic Minister on US-China Relations and Mexican Export Growth**
**Interviewer:** Thank you for joining us today, Minister. You highlighted that the tension in economic relations with China is going to be central to U.S. strategy moving forward. Can you elaborate on what this means for Mexico?
**Minister:** Thank you for having me. Absolutely, the dynamics between the U.S. and China are critical, not just for them but for all of us in the region. We recognize that the U.S. is our primary economic partner, and as competition grows between Washington and Beijing, we aim to navigate this landscape carefully, ensuring that Mexico can benefit from changes in trade patterns.
**Interviewer:** You mentioned mitigating the upcoming conflict between the U.S. and China. How does Mexico plan to position itself during this period?
**Minister:** Our strategy involves strengthening our economic ties with the United States. We’re already one of the main exporters to the U.S., and we will continue to leverage our geographical proximity, skilled workforce, and trade agreements to our advantage. By doing so, we can provide the U.S. with reliable supply chains that may be disrupted by tensions with China.
**Interviewer:** That’s interesting. Can you give us more details about Mexico’s export growth to the U.S. and how it contrasts with China?
**Minister:** Certainly. In recent years, we have seen significant growth in sectors such as automotive, electronics, and agriculture, making Mexico a key player in the U.S. supply chain. As competition with China intensifies, many U.S. companies are looking to diversify their sources, and Mexico offers a viable and strategic alternative. This shift provides us with a unique opportunity to expand our exports even further.
**Interviewer:** It sounds like there are opportunities for Mexico amidst these tensions. How confident are you in this strategy?
**Minister:** While the landscape is dynamic and undoubtedly challenging, we are optimistic. By focusing on innovation, infrastructure improvements, and enhancing our workforce capabilities, we believe that we can not only mitigate risks but also capitalize on the growing demand from the U.S. market. It’s about creating a win-win situation for both our countries while navigating international relations effectively.
**Interviewer:** Thank you for sharing your insights, Minister. It will be fascinating to see how these economic relationships evolve in the coming years.
**Minister:** Thank you for having me. The future holds much potential, and we are committed to fostering strong trade relations not just with the U.S. but with our global partners as well.
