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 strengthen its trade position amid US-China tensions?
**Interview with Mexican Economic Minister: Navigating US-China Tensions**
**Editor:** Today, we have the privilege of speaking with the Mexican Economic Minister, who recently shared insights on how the ongoing economic tensions between the United States and China are influencing Mexico’s strategy. Thank you for joining us, Minister!
**Minister:** Thank you for having me. It’s a pleasure to be here.
**Editor:** You mentioned that the tension in economic relations with China will play a crucial role in U.S. strategy. Can you elaborate on what that means for Mexico?
**Minister:** Absolutely. As the U.S. navigates its competition with China, Mexico must position itself strategically to benefit from this dynamic. We recognize that the U.S. is our primary economic partner, and we aim to take advantage of the shifts in supply chains as companies look for alternatives to China. Our goal is to solidify our role as a key exporter to the U.S. market.
**Editor:** You emphasized Mexico’s position as a main exporter to the U.S. Can you share how this has evolved in recent years?
**Minister:** Yes, the evolution has been significant. Over the past few years, Mexico has increased its exports to the U.S. across various sectors, including manufacturing, agriculture, and technology. This growth has been fueled by the USMCA agreement and a strong bilateral relationship that allows for seamless trade. We are conscious of the opportunities that arise as the U.S. seeks to diversify its trade relationships.
**Editor:** With potential conflict and competition rising between Washington and Beijing, how does Mexico plan to mitigate the impact of these tensions?
**Minister:** We understand the challenges that might arise from the U.S.-China competition. Our strategy includes strengthening our diplomatic ties with the U.S. and enhancing trade agreements that can cushion our economy from external fluctuations. Additionally, we’re committed to attracting more foreign investment to ensure our economy remains robust and adaptable.
**Editor:** Thank you, Minister, for sharing these insights. It’s clear that Mexico is proactively addressing the complexities of current international economic relations.
**Minister:** Thank you for having me. It’s a critical time for all of us, and Mexico is ready to play a pivotal role in the evolving landscape.