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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How is Mexico preparing to attract foreign investment amidst the economic competition between the US and China?
**Interview with Mexican Economic Minister on US-China Relations**
**Interviewer:** Thank you for joining us today, Minister. In light of the recent report on the US-China economic relationship, you mentioned that the tensions between Washington and Beijing will significantly shape US strategies. Could you elaborate on how this might impact Mexico?
**Minister:** Certainly, it’s a pivotal time for us. The ongoing economic competition between the US and China presents both challenges and opportunities for Mexico. As one of the main exporters to the United States, we are keenly aware of the dynamics at play. Our goal is to navigate this landscape carefully to bolster our trade with the US while mitigating any fallout from the Sino-American tensions.
**Interviewer:** That sounds strategic. Given the complexities in relations between the US and China, what steps is Mexico considering to maintain and enhance its economic partnership with the United States?
**Minister:** We’re focusing on strengthening our supply chains and ensuring that our exports remain competitive. We have been proactive in engaging with US policymakers to emphasize the importance of Mexico as a trusted trade partner. This includes exploring new trade agreements and enhancing cooperation in sectors like technology and manufacturing.
**Interviewer:** Do you foresee a potential shift in investments towards Mexico as a result of the US-China rivalry?
**Minister:** Absolutely. Many companies are reconsidering their supply chain strategies, and some are looking to relocate their operations closer to the US market. Mexico is ideally situated for this, and we are working to create an environment that is conducive to foreign investment.
**Interviewer:** how do you see the future of US-Mexico relations amidst the backdrop of global economic tensions?
**Minister:** I believe that despite external pressures, the relationship between the US and Mexico will continue to solidify. Collaboration is key, and we see it as essential for mutual growth. By aligning our economic interests, we can emerge stronger, even as the world dynamics shift around us.
**Interviewer:** Thank you for your insights, Minister. It will be interesting to see how this situation develops.
**Minister:** Thank you for having me. It’s a complex but crucial matter for us all.
