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 is Mexico positioning itself to capitalize on the economic tensions between the U.S. and China?
**Interview with Mexican Minister of Economic Affairs**
**Editor:** Thank you for joining us today, Minister. You recently spoke about the evolving economic relations between the U.S. and China and Mexico’s position in this landscape. Can you elaborate on how you see these tensions affecting Mexico’s economy?
**Minister:** Thank you for having me. It’s clear that the tensions between the U.S. and China will shape global economic dynamics, and Mexico must navigate this carefully. The U.S. remains our most significant economic partner, and we recognize the importance of maintaining strong ties. We aim to mitigate any conflicts that arise, ensuring that our relationships with both nations are beneficial.
**Editor:** You mentioned that Mexico has become one of the main exporters to the U.S. What factors have contributed to this growth?
**Minister:** Several factors have played a role, including trade agreements like the USMCA, which have facilitated smoother trade flows. Mexico’s proximity to the U.S. also provides an advantage for manufacturing and logistics. Our workforce is skilled, and there is a growing emphasis on innovation, which strengthens our competitive position.
**Editor:** Given the current global economic climate, what strategies is Mexico implementing to safeguard its economic interests while dealing with the competition between Washington and Beijing?
**Minister:** We are focused on diversifying our trade relationships beyond just the U.S. while deepening our bilateral ties. We are also enhancing partnerships in technology and sustainable practices. It is crucial for Mexico to remain agile and explore new markets while also reinforcing our existing connections.
**Editor:** Lastly, what role do you believe Mexico can play in easing tensions between the U.S. and China?
**Minister:** Mexico can serve as a bridge between the two powers. By promoting dialogue and collaboration in areas like trade policies and supply chains, we can potentially create a more stable economic environment. Our goal is to position Mexico as a relevant player that advocates for cooperation, which ultimately benefits our economy and the region.
**Editor:** Thank you, Minister, for your insights on these critical issues affecting not just Mexico but the broader global economy.