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 planning to enhance its trade collaboration with the US while navigating competition from China?
**Interview with Mexican Economic Minister on US-China Relations and Trade Dynamics**
**Interviewer:** Thank you for joining us today, Minister. You recently spoke about the rising tensions in economic relations between the US and China. Could you elaborate on how these tensions might impact Mexico’s position?
**Minister:** Thank you for having me. As I mentioned, the growing competition between Washington and Beijing will significantly influence our economic strategies. Mexico is aware of its vital role as the primary economic partner for the United States. We are keenly observing these dynamics and preparing to navigate them.
**Interviewer:** You highlighted that Mexico is one of the main exporters to the US. What steps is Mexico taking to further strengthen its economic ties with the US in light of these challenges?
**Minister:** Yes, that’s correct. Mexico’s exports to the US have become crucial for our economy. To fortify our relationship, we will actively pursue policies that enhance trade collaboration, ensuring that Mexican products are competitive and integrated into US supply chains. This could also serve as a buffer against the fallout from US-China tensions.
**Interviewer:** You mentioned mitigating the conflict and competition between Washington and Beijing. What specific strategies might Mexico employ to achieve this?
**Minister:** We understand that collaboration and diplomacy are key. Engaging in dialogue with both the US and China will help us identify opportunities where Mexico can act as a bridge. Additionally, we might explore joint ventures and partnerships that leverage our proximity to the US market, all while ensuring that we remain an attractive option as an alternative to reliance on Chinese manufacturing.
**Interviewer:** What are your thoughts on the long-term outlook for Mexico’s economic relationship with the US amid the evolving global landscape?
**Minister:** I believe that as long as we remain proactive and adaptable, Mexico can emerge as a more significant player in North America. The competitive atmosphere might pose challenges, but it will also open up new opportunities for collaboration and growth in our economic relations with the US. Our goal is to ensure stability and prosperity for our country while contributing to the regional economy.
**Interviewer:** Thank you, Minister, for your insights on these important issues. It will be interesting to see how Mexico navigates these complex relationships going forward.
**Minister:** Thank you for having me. It’s crucial that we stay engaged and informed during these transformative times.
