The United States government has asked Mexico to impose tariffs on imports from China to prevent the imposition of tariffs by the U.S. Mexico's Secretary of Economy, Marcelo Ebrard, announced that both countries will begin to work together after holding a meeting with U.S. officials.
Gabriela Siller, an expert, highlighted that this request could indicate the pursuit of greater trade integration between the United States and Mexico, provided that Mexico reduces its imports from China. Since Donald Trump's victory in 2016, Mexican imports from China have increased from 17.9% to 20.8%, raising suspicions of triangulation of imports.
As a consequence of this situation, the Mexican peso depreciated by 0.28%, leading the dollar to be quoted at 20.48 pesos in the middle of Monday's session. The Director of Economic Analysis at Grupo Financiero BASE, Gabriela Siller Pagaza, attributed this depreciation to the possibility of applying U.S. tariffs on Mexican products starting in March.
The uncertainty surrounding the possible 25% tariff on U.S. imports from Mexico and Canada, which was suspended by Trump for 30 days, has impacted the volatility of the exchange rate. The expectation regarding the enforcement of these tariffs before the deadline of March 4 creates a scenario of instability in the Mexican foreign exchange market.
