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 can Mexico leverage its position as a key exporter to the U.S. amid growing global economic uncertainties?
**Interview with Mexican Economic Minister: Navigating Tensions in U.S.-China Trade Relations**
**Interviewer:** Thank you for joining us today, Minister. We’ve seen a lot of discussion recently about the increasing tension in economic relations between the U.S. and China. You mentioned that this rivalry will play a key role in U.S. strategy. Can you elaborate on what that means for Mexico?
**Minister:** Absolutely. The tension between the U.S. and China will certainly influence not only their bilateral relations but also affect global supply chains, including ours. As Mexico’s Economic Minister, I recognize that we need to position ourselves strategically. The U.S. is our main economic partner, and we will make efforts to navigate these challenges to our advantage.
**Interviewer:** That’s an interesting perspective. You highlighted that Mexico has become one of the main exporters to the U.S. How has this shift changed the dynamics of trade between our countries?
**Minister:** The shift has been significant. In recent years, we’ve seen a growing demand for Mexican goods and services due to the rising costs and tariffs on Chinese imports. We aim to build on this momentum, ensuring that Mexico remains a key player in this evolving landscape. Our goal is to mitigate any negative impacts arising from the U.S.-China competition.
**Interviewer:** Given the competitive environment, what specific strategies do you think Mexico can implement to bolster its export capacity to the U.S.?
**Minister:** We are focusing on enhancing our manufacturing capabilities, investing in technology, and improving logistics infrastructure. We also aim to strengthen our trade agreements, ensuring that our exports meet U.S. standards and expectations. This will not only create jobs in Mexico but also secure our position as a reliable supplier to the U.S. market.
**Interviewer:** as these tensions escalate, what message do you want to convey to workers and businesses in Mexico regarding this situation?
**Minister:** I want to reassure them that we are actively working to mitigate risks while seizing opportunities. This is a challenging time, but by bolstering our economic ties with the U.S. and being adaptable, we can turn these challenges into growth opportunities for Mexico.
