Mexico’s exports continue to grow despite US tariffs: Thursday’s mañanera recapped

Mexico’s increasing export gross and integer outgo systems were among the topics President Claudia Sheinbaum spoke astir astatine her Thursday greeting property conference.

She besides provided reporters with immoderate details astir the large code she volition marque adjacent Monday.

Here is simply a recap of the president’s Aug. 28 mañanera.

Despite US tariffs, Mexico’s exports proceed to grow

A newsman noted that the nationalist statistic bureau INEGI published information that showed that the worth of Mexico’s exports accrued 4% annually successful July contempt a alteration successful automotive exports.

INEGI’s information besides showed that Mexico’s exports accrued 4.3% annually successful the archetypal 7 months of the twelvemonth to scope $369.43 billion.

The newsman asked the president what factors contributed to the affirmative results.

Sheinbaum highlighted that the bulk of goods made successful Mexico are not taxable to tariffs erstwhile entering the United States — easy Mexico’s largest commercialized spouse — arsenic they comply with the rules of the USMCA escaped commercialized pact.

“That is thing precise important, precise important,” she said.

Sheinbaum noted that a 25% tariff applies to non-USMCA compliant goods erstwhile entering the U.S., and besides acknowledged that Mexican steel, aluminum and cars are taxable to abstracted duties.

However, successful the lawsuit of cars, “there is simply a discount,” she said, arsenic U.S. contented successful Mexican vehicles is not taxable to the United States’ 25% tariff.

While the Mexican authorities is aiming to triumph a reprieve from the U.S. tariffs that presently impact immoderate Mexican exports, national officials person noted connected assorted occasions that Mexico is successful a amended presumption than different U.S. commercialized partners.

Mexico aims to beforehand Mexican products for interior consumption, portion besides strengthening the USMCA escaped commercialized agreement, Sheinbaum said. (Presidencia)

On Thursday morning, Sheinbaum erstwhile again expressed her tendency for the preservation of the USMCA, which is up for reappraisal successful 2026.

“Just arsenic we privation to nutrient much successful Mexico for interior consumption, we besides privation to support the commercialized agreement, which allows the economies of the 3 countries [Mexico, the U.S. and Canada] to beryllium strengthened,” she said.

The Bank of Mexico launched a mobile outgo level years ago; No 1 uses it, says Sheinbaum

Responding to a question astir fiscal inclusion, Sheinbaum said that countries specified arsenic Brazil and India person “very accessible physics outgo systems.”

In Mexico, she continued, the Bank of Mexico (Banxico) created the CoDi system, which was launched successful 2019 and allows consumers to marque purchases with their mobile phones and transportation wealth betwixt banks.

However, CoDi “is not used,” Sheinbaum said, adding that banks “don’t privation to promote” the usage of the outgo strategy “because it doesn’t person commissions.”

She appeared to beryllium indicating that banks (and possibly recognition paper companies) are making the usage of CoDi hard for their customers due to the fact that its maturation successful popularity would chopped into the commissions they person erstwhile a idiosyncratic uses their cards to marque a purchase.

The authorities had precocious expectations for its CoDi outgo level erstwhile it launched successful 2019, but world has failed to unrecorded up to the hype. (CoDi)

Sheinbaum said that the authorities would spell backmost to the drafting committee and see however to beforehand the “process of digitalization” and fiscal inclusion successful Mexico.

“We’re going to beforehand it from the authorities of Mexico,” she said.

Sheinbaum to update federation connected her government’s achievements successful large code connected Monday 

Sheinbaum told reporters that she volition present her archetypal authorities study (informe de gobierno) successful a code astatine 11 a.m. connected Monday, Sept. 1, astatine the National Palace.

She said that members of her furniture and expanded furniture arsenic good arsenic “guests from each sectors of society” and the media volition beryllium successful attendance.

Sheinbaum noted that she won’t clasp her regular greeting property league connected Monday.

“You tin get later,” she told reporters.

Sheinbaum besides noted that she volition be a swearing-in ceremonial for the caller Supreme Court justices connected Monday night.

Incoming main justness Hugo Aguilar Ortiz and 8 different justices volition presume their positions connected Monday, 3 months aft Mexico held its archetypal ever judicial elections.

By Mexico News Daily main unit writer Peter Davies ([email protected])