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 measures is Mexico considering to strengthen its trade relationship with the U.S. while mitigating the impacts of U.S.-China rivalry?
**Interview with Mexican Economic Minister on U.S.-China Tensions and Trade Dynamics**
**Interviewer:** Thank you for joining us today, Minister. The recent discussions regarding U.S.-China tensions have garnered significant attention. You mentioned that this would occupy a central place in the U.S. strategy. Can you elaborate on how Mexico fits into this dynamic?
**Minister:** Thank you for having me. Indeed, the current tensions between the U.S. and China are shaping economic strategies globally. As we navigate this landscape, Mexico plays a crucial role as a strategic partner for the United States. We recognize our position as one of the main exporters to the U.S., and we aim to leverage that relationship to mitigate some of the conflicts that may arise between Washington and Beijing.
**Interviewer:** You spoke about mitigating conflict and competition. What specific measures is Mexico considering to reduce the impact of U.S.-China tensions on its economy?
**Minister:** Our priority is to strengthen our trade relationships with the United States. We plan to enhance collaboration in critical sectors such as manufacturing, agriculture, and technology. By doing so, we can ensure that our supply chains remain resilient and competitive while reducing reliance on Chinese goods where feasible.
**Interviewer:** Given that the U.S. is Mexico’s main economic partner, how are you addressing any potential fallout from the shifting trade dynamics influenced by the U.S.-China rivalry?
**Minister:** We are actively engaging with U.S. policymakers and industries to understand their needs better and align our economic strategies accordingly. We also aim to promote investment in Mexico, showcasing our capacity for manufacturing and innovation, which can serve as a viable alternative to reliance on Chinese exports.
**Interviewer:** Lastly, how do you foresee the future of Mexico’s economic relationship with the U.S. evolving in light of these challenges?
**Minister:** I believe that if we approach these challenges collaboratively, we can strengthen our ties further. The U.S.-Mexico relationship is built on mutual trust and complementary strengths, and I am optimistic that we can navigate these tensions together, creating opportunities for growth and stability.
**Interviewer:** Thank you, Minister, for sharing your insights on this important topic. We look forward to seeing how Mexico continues to adapt in this changing economic landscape.
**Minister:** Thank you for having me. It is a pleasure to discuss these critical issues.
