Economy Mexico presents economic development plan in view of Trump
Before Donald Trump takes office as US President, Mexico is focusing on strengthening its own industry. The country wants to reduce imports from China, cushion the pressure from the US and become a top 10 economy by 2030.
13.01.2025, 23:11
13.01.2025, 23:12
SDA
Mexico's government has presented a comprehensive program to reduce imports from China and strengthen its domestic industry. In view of a tougher foreign trade policy from the future US president, neighboring Mexico wants to produce more semiconductors for the automotive industry locally, for example.
The aim of the program is to promote Mexico as a production location and to make the country with its 130 million inhabitants the tenth largest economy in the world by 2030, explained President Claudia Sheinbaum at the presentation of "Plan México".
Mexico is currently in twelfth place. The strategy includes the construction of more than 100 new industrial parks, the expansion of road and rail infrastructure and measures to promote investment.
Trump is threatening to impose import duties of 25 percent on all goods from Mexico. The Republican criticizes imbalances in trade. He claims that Chinese companies are circumventing punitive tariffs by investing in Mexico.
Trade between the USA, Mexico and Canada is largely duty-free under the North American Free Trade Agreement (USMCA). Mexico is the USA's most important trading partner after the EU and the second-largest economy in Latin America after Brazil.
