Mexico’s economic minister Marcelo Ebrard praised the “preferential treatment” received by Mexico after US President Donald Trump unveiled sweeping new global tariffs. On Wednesday, Trump detailed new tariffs on many countries including a minimum 10% “baseline” tariff on imports. Neighboring Mexico and Canada, though still subject to prior tariffs, were exempt from the new reciprocal tariffs. Mexican President Claudia Sheinbaum said that this treatment is due to Mexico’s positive relationship with the US.
Mexican President Claudia Sheinbaum expressed gratitude on Thursday for Mexico's preferential tariff treatment under the US-Mexico-Canada Agreement (USMCA) after the country was spared from U.S. President Donald Trump's newest tariff impositions. The U.S. announced tariffs of 10% on nearly all imports, affecting key partners including China and the EU. However, Mexico's exclusion led to a 1.3% appreciation of the peso and a 0.65% increase in the main stock index, marking significant economic milestones.
Mexico celebrated Thursday having dodged the latest round of tariffs from the White House taking aim at dozens of U.S. trading partners around the world, but was also quickly reminded that in a global economy the effects of uncertainty can’t be entirely avoided. President Claudia Sheinbaum said the free-trade agreement signed by Mexico, Canada and the U.S. during Trump’s first administration had shielded Mexico. Now her government will focus on the existing 25% U.S. tariffs on imported autos, steel and aluminum, while accelerating domestic production to safeguard jobs and reduce imports.
