International trade
US and Mexico Set Formal T-MEC Talks for May 25 After Greer’s Mexico Visit
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Following preparatory meetings in Washington, US Trade Representative Jamieson Greer visited Mexico to meet President Claudia Sheinbaum, Economy Secretary Marcelo Ebrard, and business leaders. They agreed to launch formal T-MEC review negotiations the week of May 25 in Mexico City, with Mexico pushing to eliminate tariffs on steel, aluminum, and automobiles ahead of the July 1 review.
The US Court of International Trade ruled on Thursday that the 10% temporary tariffs imposed by Donald Trump in February are illegal.
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The review of the Mexico-US-Canada Agreement (T-MEC) began this week with technical and preparatory meetings. Mexico's Economy Secretary Marcelo Ebrard will meet US Trade Representative Jamieson Greer on Wednesday in Washington D.C. Mexico proposes to keep the deal and remove tariffs.
Following France's demand to halt the signing, the EU has proposed postponing its long-negotiated trade pact with Mercosur until early January 2025 to overcome opposition from France and newly reluctant Italy. New safeguards aim to protect European farmers, amid protests and support for diversifying trade.
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Alejandro Murat, president of the Senate's Foreign Relations Commission, dismissed concerns that T-MEC negotiations between Mexico, the United States, and Canada will fail. He stated that leaders from the three nations are in daily contact to bolster the treaty. Meanwhile, business leaders are reviewing strategies for the trade agreement's update.