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 specific strategies is Mexico considering to mitigate the economic impacts of potential conflicts between Washington and Beijing?
**Interview with Mexican Economic Minister on U.S.-China Relations**
**Editor:** Thank you for joining us today, Minister. Your recent remarks have highlighted the complex dynamics of U.S.-China relations and how they affect Mexico. Can you elaborate on your thoughts regarding the tension between these two economic powers?
**Minister:** Thank you for having me. The tension in economic relations between the U.S. and China is indeed a crucial issue. As the American market remains our main economic partner, we recognize that this ongoing conflict will have direct implications for Mexico’s economy. Our goal is to navigate this landscape carefully to mitigate negative impacts while maximizing opportunities.
**Editor:** You mentioned that Mexico has become one of the main exporters to the United States. Can you share more about what this means for Mexico’s economy and its relationship with the U.S.?
**Minister:** Absolutely. Being a significant exporter to the U.S. means that we play a vital role in their supply chain, particularly in sectors like automotive, electronics, and agriculture. This relationship not only boosts our economy but also positions us strategically as a partner in times of U.S.-China competition. We aim to strengthen this bond while ensuring that our interests are protected.
**Editor:** Given the potential for conflict between Washington and Beijing, how does Mexico plan to address any economic repercussions that may arise?
**Minister:** Our strategy involves open dialogue and collaboration with our U.S. counterparts. We are committed to ensuring that our trade policies remain resilient and adaptable. By fostering strong relationships and seeking to diversify our trade partnerships, we can cushion any impacts from U.S.-China tensions.
**Editor:** Thank you, Minister, for sharing these insights. It sounds like Mexico is preparing to navigate some challenging waters, but with a focus on collaboration and growth.
**Minister:** Thank you for having me. We believe that through cooperation and innovation, we can strengthen our economy and our ties with the United States in the face of global challenges.