Background on Marcelo Ebrard and His Relevance
Marcelo Ebrard, Mexico’s Secretary of Economy, recently highlighted that nearly 90% of Mexico’s exports to the United States are free from tariffs. His statement comes as he prepares to discuss trade relations and Mexico’s economic development at the National Meeting of BBVA Regional Advisors in Mexico City.
Ebrard’s position is significant given his role as the top Mexican official responsible for overseeing trade policies and international economic relations. His comments shed light on the existing trade dynamics between Mexico and its northern neighbor, emphasizing the unique advantages of their bilateral agreements.
Key Trade Agreements and Tariff Impact
Ebrard pointed out that Mexico has a free trade agreement with the United States, while the latter maintains 13 additional trade agreements. Among these, only Mexico’s agreement ensures that nearly 90% of its total trade with the US is tariff-free.
Under the previous administration of Donald Trump, unilateral tariffs were imposed on various goods, including autos, steel, and aluminum. However, Ebrard noted that the average tariff on Mexican-origin autos imported to the US was reduced from 25% to 15%, considering the content level of each model.
Negotiations on Steel and Aluminum Tariffs
Regarding ongoing negotiations on tariffs for the steel and aluminum industries, Ebrard expressed optimism after eight meetings on the subject. He emphasized that while specific details cannot be disclosed, progress is being made.
BBVA’s Investment in Mexico
In related news, BBVA announced plans to invest over 100 billion Mexican pesos in the country over the next six years. Ebrard highlighted this as one of the most significant investment announcements for Mexico’s portfolio.
Hecho en México Initiative
Ebrard also mentioned the “Mexico Plan,” which includes the revitalization of the “Hecho en México” (Made in Mexico) logo by the Secretariat of Economy. This initiative aims to strengthen national identity and promote locally manufactured products that meet established quality standards.
Key Questions and Answers
- What percentage of Mexico’s exports to the US are tariff-free? Nearly 90% of Mexico’s exports to the US are free from tariffs, according to Secretary of Economy Marcelo Ebrard.
- Which trade agreements ensure tariff-free trade between Mexico and the US? The free trade agreement between Mexico, the United States, and Canada (T-MEC) is the only agreement ensuring nearly tariff-free trade for 90% of Mexico’s exports to the US.
- How have tariffs changed under the Trump administration? The Trump administration imposed unilateral tariffs on various goods, including autos, steel, and aluminum. However, the average tariff on Mexican-origin autos imported to the US was reduced from 25% to 15%.
- What is BBVA’s investment plan for Mexico? BBVA plans to invest over 100 billion Mexican pesos in Mexico over the next six years.
- What is the “Hecho en México” initiative? The “Hecho en México” (Made in Mexico) initiative, revitalized by the Secretariat of Economy, aims to strengthen national identity and promote locally manufactured products that meet established quality standards.
