On Friday, U.S. Treasury Secretary Scott Bessent mentioned that Mexico has proposed aligning tariffs with the United States on Chinese imports, a move he found "very interesting." Bessent suggested that Canada should also consider matching these tariffs.
Mexican officials have engaged in trade discussions with members of President Trump's administration this week in anticipation of the March 4 deadline. This deadline marks when proposed U.S. tariffs on Mexican and Canadian imports will go into effect, alongside an additional 10% duty on Chinese imports.
Expressing his view during an interview with Bloomberg TV, Bessent commented, "It would be a positive gesture if Canadians also followed suit, thereby helping fortify North America against the influx of Chinese imports from what he described as 'the most unbalanced economy in modern times.'"
The Mexican and Canadian governments have yet to provide feedback on this proposal.
In response to the U.S. tariff measures, the Chinese embassy in Washington condemned them as a breach of World Trade Organization regulations. The embassy emphasized the importance of mutual respect in resolving trade issues through diplomatic consultations.
Reports from Bloomberg indicate that Mexico's proposed tariffs on China are expected to target cars and auto parts, potentially in response to impending U.S. tariffs. This move could be a strategy by Mexico City to avoid a looming 25% tariff on Mexican goods imposed by the United States.
The Mexican administration, led by President Claudia Sheinbaum, has signaled a cautious approach towards China, aligning with policies from Washington and Ottawa. An official from Mexico mentioned that Mexico could go beyond tariffs, imposing restrictions on low-cost items, especially counterfeit products, previously allowed under exemptions known as "de minimis."