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 are sourced 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 implementing to enhance its exports to the U.S. in light of the evolving global economic climate?
**Interview with Mexican Minister of Economic Affairs**
**Interviewer:** Thank you for joining us today, Minister. You recently mentioned that tensions in economic relations between the U.S. and China will significantly influence U.S. strategies moving forward. Can you elaborate on what this means for Mexico?
**Minister:** Thank you for having me. Yes, the ongoing tensions between the U.S. and China are indeed a critical factor. As the U.S. reassesses its economic partnerships, Mexico must position itself as a reliable and strategic ally to mitigate any negative fallout from this rivalry. We recognize that these tensions could create both challenges and opportunities for our trade relations.
**Interviewer:** You’ve indicated that the U.S. is Mexico’s main economic partner. How do you plan to strengthen this relationship in light of the current global dynamics?
**Minister:** Absolutely, the United States is our primary trading partner, and it’s essential to deepen this relationship. We will work to enhance our exports to the U.S. and showcase our competitive advantages, such as our proximity and shared values. By aligning our economic goals with those of the U.S., especially during this time of heightened competition with China, we aim to foster a stronger partnership that benefits both nations.
**Interviewer:** You mentioned Mexico has become one of the main exporters to the United States. Can you discuss any specific sectors where you see growth in exports?
**Minister:** Certainly! Sectors such as automotive, electronics, and agriculture are experiencing significant growth. In particular, Mexico’s manufacturing capabilities and agricultural products are in high demand. We aim to capitalize on these advantages and ensure that Mexican goods continue to meet U.S. standards, thereby fostering trust and enhancing bilateral trade.
**Interviewer:** You also referenced a desire to mitigate the upcoming conflict and competition between Washington and Beijing. How do you plan to achieve this?
**Minister:** Our strategy involves proactive diplomacy and economic agreements. We intend to engage with both the U.S. and China in ways that promote trade cooperation rather than conflict. By strengthening our economic ties with the U.S. while carefully managing our relationships with other global partners, including China, we aim for a balanced approach that supports our economic interests without choosing sides.
**Interviewer:** That sounds like a delicate balance to strike. As we move forward, what steps is Mexico taking to ensure resilience in its economy amid these global shifts?
**Minister:** We are focusing on diversifying our trade partnerships, investing in technology and innovation, and enhancing our infrastructure to support exports. Additionally, we are committed to fostering a competitive workforce through education and training programs. By building a more resilient economy, we can navigate these complex global dynamics more effectively.
**Interviewer:** Thank you for your insights, Minister. It’s clear that the path ahead requires strategic thinking and adaptability.
**Minister:** Thank you. It’s an important time for Mexico, and we are committed to embracing the opportunities while navigating the challenges ahead.
