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 adapting its economic strategy in response to the tension between the U.S. and China?
**Interview with Carlos Mendoza, Mexican Minister of Economic Affairs**
**Editor:** Thank you for joining us today, Minister Mendoza. There’s been significant discussion about the tension in economic relations between the U.S. and China. Could you elaborate on how this situation impacts Mexico’s economic strategy?
**Mendoza:** Thank you for having me. Indeed, the tension in economic relations between the United States and China is crucial. As the U.S. navigates this complex landscape, Mexico recognizes its unique position as a primary economic partner to the U.S. We are strategizing to ensure that we can alleviate some of the conflicts that may arise.
**Editor:** You mentioned Mexico’s status as a key exporter to the U.S. How do you see this role evolving amidst the current competition between the two superpowers?
**Mendoza:** Absolutely. Mexico has become one of the main exporters to the U.S., particularly in sectors like automotive, electronics, and agriculture. With the potential disruptions in U.S.-China trade, there’s an opportunity for Mexico to strengthen its position and increase our exports. We are actively working on bolstering our supply chains and exploring new avenues for trade that can further integrate our economies.
**Editor:** What specific measures is Mexico planning to mitigate the impacts of U.S.-China tensions on its own economy?
**Mendoza:** We are focusing on diversifying our trading partners and enhancing our manufacturing capabilities. This includes increasing investments in technology and infrastructure. We believe by doing so, we can not only mitigate the impacts but also capture a larger market share in the U.S., which will benefit our economy significantly.
**Editor:** Lastly, how do you anticipate the future of U.S.-Mexico economic relations in light of these tensions?
**Mendoza:** I believe that as long as we continue to communicate and collaborate, U.S.-Mexico relations will strengthen. We share a deep interdependence, and our goal is to work together to navigate these complex geopolitical challenges. We aim to emerge as an even more essential ally and partner for the United States.
**Editor:** Thank you, Minister Mendoza. Your insights into Mexico’s economic strategy are invaluable in understanding the broader implications of the U.S.-China relationship.
**Mendoza:** Thank you for having me. It’s a pleasure to share our vision on this important topic.