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 specific challenges does Mexico face in maintaining its export growth to the U.S. in light of new trade policies aimed at China?
**Interview on Economic Relations with China and the United States**
**Host:** Welcome to our program. Today, we have a distinguished guest, [Guest Name], the Economic Minister of Mexico, to discuss the shifting dynamics in U.S.-China relations and how they affect Mexico. Thank you for joining us.
**Guest:** Thank you for having me. It’s a pleasure to be here.
**Host:** Recently, there’s been quite a conversation about how tensions in U.S.-China economic relations will be a significant focus for U.S. strategy. You mentioned that Mexico is keen to navigate this changing landscape. Can you elaborate on that?
**Guest:** Absolutely. The ministerial report outlines that the U.S. is our main economic partner, and we recognise the complexities that come with the increasing competition between Washington and Beijing. Mexico aims to position itself as a constructive player, mitigating potential conflicts that could arise from these tensions. We want to ensure that our growing trade relations with the U.S. continue to thrive.
**Host:** That’s interesting. Given the U.S.’s push to toughen its trade stance against China—recommended by the U.S.-China Economic and Security Review Commission—how does Mexico plan to maintain its export growth to the U.S.?
**Guest:** Our goal is to enhance our exports while also providing stability and support in supply chains. As we’ve become one of the main exporters to the U.S., it’s critical for us to maintain dialog with our American counterparts to align our interests. This collaboration could also help both countries to avoid disruptions caused by the U.S.-China economic tensions.
**Host:** In your view, what are some of the key challenges Mexico might face with this evolving scenario?
**Guest:** One of the key challenges is ensuring that our markets are not adversely affected by the protective measures the U.S. might take against China. We must stay agile and responsive, adapting our trade strategies to not only protect our interests but also to seize any opportunities that may arise from shifts in trade policies.
**Host:** It sounds like a delicate balancing act. As we look ahead, what steps do you think Mexico can take to safeguard its economic interests while navigating U.S.-China relations?
**Guest:** We need to strengthen our trade agreements with the U.S. and enhance our domestic industries to ensure they are competitive on a global scale. Investing in innovation and infrastructure will be crucial for ensuring that we remain an attractive partner for the U.S. as it re-evaluates its relationships with China.
**Host:** Thank you, [Guest Name]. It sounds like Mexico is poised to play a significant role in the evolving dynamics between the U.S. and China while promoting its economic interests. We appreciate your insights today.
**Guest:** Thank you for having me. I look forward to our continued collaboration and the opportunities that lie ahead.
**Host:** That wraps up our interview. Stay tuned for more discussions on international trade and economic strategies.