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 sectors should American investors focus on when exploring opportunities in Mexico?
**Interview with Mexican Minister of Economic Affairs**
**Editor:** Thank you for joining us today, Minister. You recently stated that the tension in economic relations between the United States and China will play a central role in U.S. strategy. Could you elaborate on what this means for Mexico?
**Minister:** Of course. The current geopolitical landscape means that as the U.S. navigates its relationship with China, Mexico finds itself in a unique position. We recognize that these tensions create both opportunities and challenges for us. Our goal is to ensure that we can mitigate the impacts of this competition while also strengthening our own economic ties with the U.S.
**Editor:** You mentioned Mexico’s status as one of the main exporters to the United States. What specific sectors do you see as key to this relationship?
**Minister:** Absolutely. We’re seeing significant growth in areas like automotive manufacturing, agriculture, and electronics. As a neighbor and a partner, Mexico is well-positioned to fill any gaps that may arise as the U.S. seeks to diversify its supply chains away from China.
**Editor:** Many observers are concerned about the upcoming conflict between Washington and Beijing. How does Mexico plan to navigate this landscape while maintaining its economic partnership with the U.S.?
**Minister:** We believe that open dialogue and cooperation are essential. We plan to engage closely with U.S. officials to ensure that our interests are aligned. Our priority is to present Mexico as a reliable and advantageous alternative for U.S. businesses looking to avoid potential disruptions that might arise from escalating tensions with China.
**Editor:** what message do you want to convey to American entrepreneurs and investors about the opportunities in Mexico?
**Minister:** I want to emphasize that Mexico is open for business and ready to collaborate. As we navigate this evolving economic environment, we see tremendous potential for growth and partnership. We invite American entrepreneurs to invest in our country and take advantage of the unique opportunities that are arising in this context. Together, we can thrive in an increasingly competitive global market.
**Editor:** Thank you, Minister, for your insights and for sharing your thoughts on this crucial topic.
**Minister:** Thank you for having me. It’s an important discussion, and I appreciate the opportunity to share our perspective.
