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 planning to adapt its economic policies in response to the ongoing U.S.-China trade tensions?
### Interview with Mexican Minister of Economic Affairs
**Host:** Thank you for joining us today, Minister. Your recent statements highlight the significance of U.S.-China economic tensions in the broader context of international relations. Can you elaborate on how these tensions will influence Mexico’s strategy?
**Minister:** Thank you for having me. It’s a critical moment for us. The ongoing competition between the U.S. and China indeed occupies a central place in our economic strategy. As the U.S. grapples with its relations with China, we recognise that it impacts not only trade policies but also investment flows. Our goal is to position Mexico as a reliable partner for the United States.
**Host:** That’s interesting. You mentioned Mexico’s pivotal role as one of the main exporters to the U.S. How do you plan to leverage this status amid U.S.-China tensions?
**Minister:** Absolutely. As the U.S. evaluates its supply chains and seeks alternatives to Chinese products, we believe there’s a significant opportunity for Mexico. We aim to strengthen our export capabilities in key sectors such as manufacturing, technology, and agriculture. It’s essential for us to demonstrate that we can provide a stable and efficient supply chain.
**Host:** In light of your comments, what steps is Mexico taking to mitigate potential conflicts or competition between the U.S. and China?
**Minister:** We are actively engaging with U.S. policymakers and stakeholders to ensure that we remain a preferred partner. This involves advocating for more robust coordination on trade and investment issues. We are also exploring sectors where we can complement U.S. interests, thereby reducing reliance on any single source, particularly China.
**Host:** as the U.S. solidifies its economic strategy in response to China, what message do you want to convey to American businesses looking towards Mexico?
**Minister:** Our message is clear: Mexico is a dependable ally and a strategic partner. We are committed to fostering an environment conducive to investment and trade. American businesses can find not just markets, but also collaboration opportunities that facilitate growth while navigating the challenging dynamics between the U.S. and China.
**Host:** Thank you, Minister, for your insights. This is a fascinating time for international trade relations, and we look forward to seeing how this develops.
**Minister:** Thank you for having me. I appreciate the opportunity to discuss these important issues.
