What Will Happen with the Tariff Issue Between the United States and Mexico?

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Angélica Simón Ugalde

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Publicado: 13/11/2024 · 11:41 a.m. MX | Actualizado: 13/11/2024 · 11:41 a.m. MX

As part of the upcoming review of the terms of the US-Mexico-Canada trade agreement (USMCA) and in light of potential changes in U.S. tariff policy with Donald Trump’s return to the presidency, the neighboring country must also ask itself: what does a tariff mean for its economy?

During her morning press conference, Mexico’s President Claudia Sheinbaum Pardo highlighted that while the USMCA benefits Mexico, it also significantly benefits the United States.

The head of the federal government announced that the Ministry of Economy, in collaboration with the Ministry of Finance and Public Credit, is preparing substantial economic data to share with the United States. “The most important thing is to provide information demonstrating the benefits our efforts bring to the United States and the significance of our integration. Mexico’s exports to the U.S. have increased, particularly in auto parts, which help facilitate vehicle production in the U.S. and underscore the trade agreement’s advantages,” she stated.

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“We always speak of our fellow citizens as heroes and heroines for the contributions they make to the national economy through remittances, but they contribute significantly to the U.S. economy as well... Likewise, we must consider how much the USMCA benefits the U.S. economy,” she elaborated.

“We are working on all of this and will defend Mexico,” emphasized the president, who specified that when the opportunity arises to meet with President Trump once he takes office or with his transition team, the high-level dialogue will address everything Mexico has done regarding fentanyl, migration, and economic issues, which are essential for strengthening the financial relationship.

Angélica Simón Ugalde