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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What key factors is Mexico focusing on to strengthen its economic position in relation to the U.S. amidst rising tensions between the U.S. and China?
**Interview with Mexican Minister of Economy, [Minister’s Name]**
**Interviewer:** Thank you for joining us today, Minister [Name]. You’ve recently outlined the importance of U.S.-Mexico relations amid rising tensions between the U.S. and China. Could you elaborate on what you see as the key challenges and opportunities for the Mexican economy in this context?
**Minister:** Thank you for having me. Indeed, the tension in economic relations between the U.S. and China is significant and will undoubtedly shape our strategy moving forward. As the United States remains our primary economic partner, we recognize the importance of navigating this situation carefully. Our goal is to mitigate the adverse effects of the upcoming conflicts while also seizing the opportunities that arise from shifting trade dynamics.
**Interviewer:** Can you tell us how Mexico plans to position itself as a key exporter to the U.S. amidst this changing landscape?
**Minister:** Absolutely. Mexico’s geographical proximity to the U.S. gives us a unique advantage. We are actively enhancing our trade agreements and fostering industrial growth to become an essential supply chain partner. By doing so, we not only strengthen our economy but also provide an alternative to U.S. industries that might be looking to reduce their dependency on Chinese imports.
**Interviewer:** You mentioned striving to mitigate conflict between Washington and Beijing. What strategies will you implement to ensure that Mexico doesn’t get caught in the middle?
**Minister:** Our approach is centered on diplomacy and collaboration. We will engage in open dialogues with both the U.S. and China, seeking to find common ground and ensuring that Mexican interests are prioritized. Additionally, we will work to diversify our economic partnerships beyond these two nations, fostering relationships with other regions to insulate ourselves from geopolitical frictions.
**Interviewer:** what message do you hope to send to both U.S. and Mexican businesses during this uncertain time?
**Minister:** My message is one of resilience and opportunity. Both U.S. and Mexican businesses should feel confident in our economic relationship and the potential for growth. By working together, we can navigate these challenges and emerge stronger. This is a pivotal moment for us, and we must embrace it through innovation and collaboration.
**Interviewer:** Thank you, Minister [Name]. Your insights are invaluable as we look ahead to what these changes mean for the economies of the U.S. and Mexico.
**Minister:** Thank you. It’s a pleasure to share my thoughts, and I look forward to continued cooperation between our nations.
