Marcelo Ebrard, secretary of Economy, stated that Mexico will improve its relative position against the United States due to Donald Trump's announced 10 percent global tariff. The official noted that the average effective tariffs on Mexican exports will drop from 4.1 percent to around 2 percent. Meanwhile, Mexico's inflation rose to 3.92 percent in the first half of February, driven by new taxes and tariffs on Asian imports.
Marcelo Ebrard, Mexico's secretary of Economy, explained in a radio interview with Ciro Gómez Leyva that President Donald Trump's proposed 10 percent global tariff benefits the country. According to Ebrard, about 85 percent of Mexican exports to the United States are tariff-free under the United States-Mexico-Canada Agreement (T-MEC). Previously, the average effective tariff was 4.1 percent, but under the new scheme, it will drop to around 2 percent or less. “This means Mexico's relative position has improved,” Ebrard stated. The impact will mainly affect exports not complying with T-MEC origin rules, such as some vehicles and auto parts that previously faced rates of 25 or 27 percent. In the automotive sector, the effect will vary based on regional integration levels.
“Today I can tell you we are in a better position than we were on Friday,” Ebrard added, referring to initial uncertainty. The official linked this scenario to Mexican actions against insecurity, like the capture of 'El Mencho,' which could strengthen bilateral ties and the T-MEC review.
Meanwhile, data from the National Institute of Statistics and Geography (INEGI) showed annual inflation accelerating to 3.92 percent in the first half of February, exceeding the 3.82 percent from late January and the median estimate of 3.89 percent. This figure is attributed to new taxes and tariffs on Asian imports effective from January 1. Underlying inflation, excluding volatile food and fuel prices, eased slightly to 4.52 percent from 4.56 percent.
Products like green tomatoes (17.84 percent increase), lemons (17.03 percent), and potatoes (13.16 percent) drove the uptick. The Bank of Mexico (Banxico) views the inflationary repercussions of these tariffs as “temporary and limited,” though it delayed its forecast for converging to the 3 percent target until the second quarter of 2027. Deputy Governor Jonathan Heath dissented, arguing that inflation risks remain biased upward and that a rate cut would be premature.
The Mexican peso appreciated 0.52 percent to 17.1753 per dollar, ranking as the third strongest emerging currency.
