Mexico City, Mexico – At a rally with thousands of her supporters, Mexico’s President Claudia Sheinbaum on Thursday unveiled an ambitious new economic plan.
She also praised U.S. President Donald Trump for exempting Mexico from his administration’s latest round of massive tariffs, however, existing 25% tariffs for car parts and drug trafficking and border security are still in place.
On April 2, Trump imposed a 10% baseline tariff on all countries with a trade deficit with the United States, with additional tariffs applied to countries the U.S. leader deemed to have larger deficits.
The reciprocal tariffs affected 90 nations, excluding U.S. neighbors Mexico and Canada.
During a rally at the National Museum of Anthropology, Sheinbaum praised the strength of Mexico-U.S. relations and thanked Trump for exempting Mexican exports from the new levy.
“As you know, this event was planned in anticipation of what could have happened yesterday during the presentation made by the President of the United States, regarding the new trade framework he proposed for the entire world,” said Sheinbaum. “Fortunately, and thanks to the strong relations we have established with the U.S. government through coordination and collaboration, something very important occurred yesterday: the recognition of the United States-Mexico-Canada Agreement (USMCA), which is crucial at this moment.”
Despite dodging the latest round in Trump’s global tariff campaign, Mexico is still subject to a 25% tariff on auto parts and steel, as well as a 25% tariff aimed to force the country to curb the flow of drugs and migrants to the U.S. border.
Goods compliant with the USMCA are exempt from these taxes, but if the agreement to lower drug and migration flows were to end, goods not covered by the USMCA would be subject to a 12% reciprocal tariff, as Mexico has a trade deficit with its northern neighbor.
Sheinbaum acknowledged the trade deficit with the U.S., which benefits Mexican exports, noting that 83% of Mexico’s exports in 2024 were destined for the United States, while still praising Trump.
“Therefore, the relationship of dialogue and cooperation with respect to our sovereignty that we have built with the U.S. government is very important. This was reflected yesterday in the preferential treatment we received in trade matters. We must always appreciate the willingness of the President of the United States to engage in dialogue,” she said.
However, Sheinbaum emphasized the need for Mexico to further develop its economy and steer its industry towards greater autonomy to protect the country from foreign trade pressures.
During the rally, Sheinbaum outlined the future direction for Mexico in terms of energy, industry, and food. Plan Mexico, an economic strategy and signature project of the Sheinbaum administration, is moving forward with 18 programs to transform the Mexican economy.
Among the actions outlined in Plan Mexico, Sheinbaum announced her government’s intention to boost Mexico’s domestic market, particularly in the car industry, which is heavily geared towards exports. The president said her government is overseeing a 10% increase in production for internal consumption.
Likewise, the strategy aims to achieve food autonomy by increasing corn crop production from 21.3 million tons to 25 million tons by 2030, beans from 730,000 to 1.2 million tons, and rice from 221,000 tons to 450,000.
Regarding energy, Sheinbaum expects the production of gasoline, diesel, jet fuel, and electricity to increase by at least 30% from 2025 to 2030.
“Mexico’s imports reach a similar amount to its exports, and we know that much of what we buy from abroad could be produced locally, with the creativity, ingenuity, and talent that defines us Mexicans,” said Sheinbaum.
Featured image credit: via Gobierno de México
