Mexico pledges to resolve U.S. tariff threats, highlighting trade resilience, crackdown on contraband, and efforts to expand partnerships, including UAE investments in semiconductors and renewable energy.
Mexico is going to find a solution to avoid the imposing of tariffs by the United States, Economy Minister Marcelo Ebrard said on Friday, following threats from U.S. President-elect Donald Trump to do so.
Trump has promised sweeping tariffs on Mexico if it does not crack down on migrant arrivals at the shared border and the entry of drugs, particularly fentanyl, into the U.S.
Ebrard, speaking at a conference in Mexico City, compared the current trade tensions with previous negotiations during Trump's first term, when Ebrard was Mexico's foreign minister.
Then, Trump made big tariff threats around migration that did not come to pass.
"In the end, there were no tariffs or treaties, because we found a way out," Ebrard said, adding that this time, "I guarantee you we're going to find (a way out)."
Ebrard reiterated that Trump's tariff threats seemed unrealistic because of the heavy impact they would have on the U.S. economy.
"You can't have low inflation and sustained economic growth in the U.S. if, at the same time, you're rolling out strong protectionist policies against Mexico and China," he said. "That's a key advantage for Mexico."
Trump has also accused Mexico of being a backdoor for Chinese goods to reach the U.S., something Mexico denies.
Mexico has, however, launched a crackdown on contraband products imported from Asia called "Operation Clean-Up." It also imposed tariffs on textile imports, which Ebrard said were in response to the flooding of the local market with cheap goods.
Mexico is also looking to broaden its trade relationship with other countries beyond the U.S., Ebrard said, adding that the United Arab Emirates' sovereign wealth fund was studying investments in Mexico's semiconductor and renewable energy sectors.
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The U.S. Federal Reserve kept its benchmark federal funds rate unchanged on Wednesday, maintaining the target range at 4.25% to 4.50%, in a widely expected move as the central bank navigates a complex economic environment marked by slowing inflation, global trade tensions, and political pressure.
U.S. President Donald Trump said Wednesday that an announcement related to the Gaza Strip is likely within the next 24 hours, signaling potential developments in the U.S. approach to the worsening humanitarian crisis in the besieged enclave.
A Rafale fighter jet operated by the Indian Air Force has reportedly been shot down for the first time in combat, according to sources cited by CNN, marking a significant and symbolic development in the ongoing escalation between India and Pakistan.
Pakistani Prime Minister Shehbaz Sharif hailed what he called a “great victory” for the nation’s armed forces on Wednesday, following what officials described as a major air incursion attempt by the Indian Air Force.
Black smoke billowed from the chimney of the Sistine Chapel on Wednesday night, indicating that the first round of voting in the papal conclave has not produced a new pope.
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