The Mexico He is preparing to give a “complete response” on April 3 to the US President Donald Trump with the imposition of dictatorialaccording to Mexican President Claudia Seinbaum.
“If we are led to a system of such high duties, what we need to pursue is a privileged treatment for Mexico,” Finance Minister Marcelo said to reporters. The aim is to “protect Mexico’s jobs and economic activity,” added the minister, who is in Washington to negotiate with the US government.
“We are essentially exporting three million vehicles a year to the US. We provide 40% of all components used in the US, “he recalled.
Mexico is the largest US trading partner, where 80% of its exports are directed. Its territory operates 37 car production plants, such as those of Audi, BMW, Ford, Hyundai, Honda, Mazda, Nissan, Stelantis, Toyota and Volkswagen, according to the Mexican Automotive Union (AMIA). Mexico is also the fifth exporter of the world’s light vehicles and the fourth component exporter – in this last sector is the largest exporter in the US.
Overall, 32% of industrial exports concern products associated with the automotive industry, a industry that employs one million employees, according to AMIA.
“On April 3 we will give a complete answer to what Mexico will do for this situation,” Seinbaum said. This “answer” will concern the 25% duties already announced by the Donald Trump government in steel, aluminum and cars, as well as the “reciprocal” duties that the US president will analyze on April 2.
“This does not mean that we are closing the door of working with the US,” Seinbaum continued. “There is still room for discussion, for cooperation, for negotiation,” he insisted.
The president recalled that under the Treaty of Free Trade between the US, Mexico and Canada, there should be no duties.
Many experts estimate that the Mexican economy can fall into recession due to Trump’s duties.
As she often has done in recent weeks, Seinbaum today announced a new foreign company investment in Mexico, as a sign of the trust they show in her country. This time it is the American retail colossus of Walmart, which will invest six billion dollars this year and create about 5,500 jobs, according to Mexico’s president, Ignacio Karide.
In the past few days, large investments in Mexico had announced the Netflix platform ($ 1 billion), Spanish Bank Santander ($ 2 billion) and Argentine Mercado Libre ($ 3.4 billion).
Source: RES – EIA