The company Southern Copper has announced that it may redirect most of its shipments from Mexico to the United States if President Donald Trump imposes import tariffs on products from its North American trading partners. The company, which is listed on the U.S. stock exchange and has mining operations in Mexico and Peru, has assessed the potential impact of these tariffs on its activities.
In a conference call about earnings, analysts at Southern Copper mentioned that, as producers of basic goods, they could shift their shipments to different markets if necessary. About 10 percent of the company's sales from Mexico are destined for the United States, with some customers willing to continue purchasing despite an additional tax, while around 8.5 percent of sales could be directed to other destinations, according to Chief Financial Officer Raúl Jacob.
In another context, Mexico’s President Claudia Sheinbaum revealed that she sent a letter to President Trump aiming to avoid the 25 percent tariffs on steel and aluminum. Sheinbaum highlighted that the United States has a surplus of $6.897 billion with Mexico in these metals, contradicting the rationale for tariffs based on an alleged deficit.
Sheinbaum's letter presents information provided by Economy Secretary Marcelo Ebrard, who pointed out that the United States has a trade surplus in steel and aluminum with Mexico. Additionally, Ebrard emphasized that Mexico is a key destination for U.S. exports of steel products and that a significant percentage of the U.S. automotive industry's trade is with Mexico and Canada.
Finally, analysts have warned about the potential negative impacts of these tariffs in Mexico, as it is the third largest supplier of steel and aluminum to the United States, after Canada and Brazil, according to the American Iron and Steel Institute.
