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 are the key strategies Mexico is implementing to attract more foreign investment amid U.S.-China tensions?
**Interview with Mexican Minister of Economics**
**Editor:** Thank you for joining us today, Minister. In light of your recent comments, could you elaborate on how you view the current tension between the U.S. and China, and what it means for Mexico?
**Minister:** Thank you for having me. The economic relations between the U.S. and China are indeed a central issue, not just for them but for countries like Mexico as well. As we know, the U.S. is our main economic partner, and their competition with China will influence supply chains and trade dynamics globally.
**Editor:** You mentioned that Mexico is one of the main exporters to the U.S. How do you plan to capitalize on the potential shifts in trade resulting from this U.S.-China tension?
**Minister:** Absolutely. With the ongoing tensions, there is a unique opportunity for Mexico to strengthen its position as a key supplier to the U.S. We are working to ensure stability in our trade relations and, to some extent, mitigate the conflicts that may arise between Washington and Beijing.
**Editor:** What specific measures is your government taking to enhance economic relations with the U.S. during this turbulent time?
**Minister:** We are actively promoting initiatives that encourage foreign investment in Mexico, bolstering our manufacturing capabilities, and diversifying our trade agreements. By positioning ourselves as a reliable partner, we hope to draw more business away from China and directly into our country.
**Editor:** Given the recent global economic challenges, how do you assess Mexico’s readiness to meet this new demand from the United States?
**Minister:** We are optimistic but realistic about the challenges ahead. Mexico has a robust manufacturing sector, and we are increasing our focus on technologies and sectors that align with U.S. interests. Collaboration with American businesses will be crucial to ensure we can meet their demand efficiently.
**Editor:** what message do you have for both U.S. and Mexican businesses looking to navigate this changing landscape?
**Minister:** I urge both U.S. and Mexican businesses to view this as an opportunity for collaboration. By working together, we can strengthen our economies, create jobs, and ensure a stable and prosperous trade environment despite global uncertainties.
**Editor:** Thank you for your insights, Minister. This will certainly be an intriguing period for economic relations in North America.
**Minister:** Thank you for having me. I look forward to seeing how our partnership evolves.
