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 strategies is Mexico implementing to enhance its exports to the U.S. in light of shifting global economic dynamics?
**Interview with Minister of Economy, Mexico**
**Editor:** Today, we have the pleasure of speaking with the Mexican Minister of Economy, who has recently made headlines discussing the evolving economic relations between the United States, China, and Mexico. Thank you for joining us.
**Minister:** Thank you for having me.
**Editor:** You mentioned that the tension in economic relations between the U.S. and China will impact U.S. strategy moving forward. How do you see this dynamic affecting Mexico’s position in the North American market?
**Minister:** Indeed, the ongoing competition between Washington and Beijing creates both challenges and opportunities for Mexico. As tensions rise, we must position ourselves strategically to strengthen our ties with the United States, our primary economic partner. We’re looking to enhance our exports to the U.S. and attract investments that may be redirecting from China.
**Editor:** You indicated that Mexico has become one of the main exporters to the United States. Can you elaborate on the sectors where you see the most growth?
**Minister:** Absolutely. Our strengths lie in industries such as automotive, electronics, and agriculture. With firms looking to diversify their supply chains, Mexico is well-placed due to its proximity to the U.S., skilled workforce, and established trade agreements.
**Editor:** You talked about mitigating the conflict between Washington and Beijing. What specific steps is Mexico taking to navigate this situation?
**Minister:** We’re actively engaging in dialogues with both sides to emphasize Mexico’s role as a reliable trade partner. Additionally, we are working to ensure our policies support industries that can benefit from the current shifts in supply chains, while also maintaining strong diplomatic ties to ensure we aren’t caught in the crossfire of these economic tensions.
**Editor:** What do you envision for the future of U.S.-Mexico economic relations amidst these global shifts?
**Minister:** I believe we have a unique opportunity to redefine our economic partnership. If we can strengthen our collaboration on trade and innovation while navigating the geopolitical challenges, we can create a more resilient economy. The goal is to foster a mutually beneficial relationship that enhances our competitiveness on the global stage.
**Editor:** Thank you, Minister, for your insights on this complex topic. We look forward to seeing how Mexico will navigate these evolving economic landscapes.
**Minister:** Thank you for having me. It’s essential to keep these conversations going.
