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
#Mexico #declares #readiness #calm #economic #relations #United #States #China
How is Mexico planning to enhance its competitiveness in light of economic competition between the U.S. and China?
**Interview with Mexican Economic Minister on U.S.-China Relations and Economic Ties**
**Editor:** Good afternoon, and thank you for joining us today. We have the pleasure of speaking with the Mexican Economic Minister, who recently addressed key developments in U.S.-China relations and their implications for Mexico. Minister, thank you for being here.
**Minister:** Thank you for having me.
**Editor:** You mentioned that “the tension in economic relations with China will occupy a central place in the US strategy.” Can you elaborate on how Mexico plans to navigate this situation?
**Minister:** Absolutely. We recognize that the U.S. is our primary economic partner, and we will work diligently to mitigate the potential conflicts that may arise from the competition between Washington and Beijing. Our strategy involves strengthening our existing trade agreements and fostering our role as a reliable supplier to the U.S. market.
**Editor:** Speaking of trade, you noted that Mexico has become one of the main exporters to the U.S. What specific sectors are driving this growth?
**Minister:** Yes, indeed. Sectors such as automotive, manufacturing, and agriculture have significantly contributed to our export growth. The proximity of our countries and our complementary economies allow us to play a crucial role in supplying U.S. industries while benefiting from that trade.
**Editor:** How does Mexico plan to maintain its competitive edge in light of the ongoing tensions between the U.S. and China?
**Minister:** Our focus will be on innovation and collaboration. We are investing in technology and infrastructure to bolster our industries, ensuring that we can offer higher value-added products. Additionally, we are exploring partnership opportunities within North America to further enhance our competitiveness against other global players, including China.
**Editor:** what message would you like to convey to businesses in both Mexico and the U.S. regarding future trade relations?
**Minister:** The message is clear: collaboration and open dialogue are essential. As partners, we need to work together to navigate these complex international dynamics. By reinforcing our economic ties, we can both thrive even in a competitive global landscape.
**Editor:** Thank you, Minister, for sharing your insights today. It’s clear that Mexico is committed to fostering a robust economic relationship with the U.S. while addressing the challenges posed by global tensions.
**Minister:** Thank you for having me. It’s a pleasure to discuss these important issues.