The president of Mexico, Claudia Sheinbaum, announced that the Secretary of Economy, Marcelo Ebrard, along with Edgar Amador, will hold meetings with U.S. officials to address the imposition of reciprocal tariffs announced for April 2. It will be assessed whether Mexico will apply retaliatory tariffs in response to the tariffs activated by Donald Trump on March 12 against Mexican steel and aluminum. The president expressed hope that, due to the existing trade agreement, the imposition of tariffs will not be resorted to.
Regarding the Mexican economy, a certain slowdown in Gross Domestic Product (GDP) has been recognized. Edgar Amador, who has been proposed as Secretary of Finance following the departure of Rogelio Ramírez de la O, mentioned that fiscal buffers will be strengthened to cope with possible negative consequences of Trump’s tariffs without compromising macroeconomic stability.
Edgar Amador committed to bringing public finances to a responsible fiscal convergence, aiming to increase investment in relation to GDP, which, according to his words, will lead to economic growth and job creation. In addition, he highlighted the need for a revenue-focused fiscal policy that emphasizes taxpayers and auditing to prevent evasion.
Regarding public debt, a prudent public credit strategy will be maintained, aiming to minimize costs and risks. An official response regarding the imposition of tariffs is expected after April 2, the date on which the application of retaliatory measures related to steel and aluminum will be studied. Meanwhile, Canada has already announced retaliation against Trump for the tariffs, applying duties on U.S. products worth $21 billion starting March 13.
