Ebrard, Slim Highlight Progress and Unity in USMCA Talks

Minister of Economy Marcelo Ebrard reports that negotiations with the United States regarding the 30% tariffs proposed by US President Donald Trump are nearing completion, with about 90% of issues resolved.

Following meetings in Washington, Ebrard confirms that the talks are progressing rapidly to ensure no pending issues remain before the 2026 USMCA review. “We have made very significant progress on practically all the elements under discussion. We are around 90% done,” says Ebrard.

Ebrard emphasizes that the goal is to approach the USMCA review next year with a stable bilateral agenda. When asked about the possibility of replacing the trade deal with bilateral agreements, as suggested by Trump, the Minister clarifies that while some bilateral matters exist, all political and procedural signals indicate that the USMCA will remain trilateral.

Ebrard says that Mexico is prepared for any adverse scenarios, adding that the environment is much improved compared to previous months. He explains that pre-review consultations are underway with the US Trade Representative (USTR), Canadian authorities, and even the Canadian prime minister. “The treaty will surely see some changes, but not substantial ones that alter its fundamental structure,” Ebrard says.

Steel, Aluminum, and Market Diversification

Ebrard also says that Mexico has presented several proposals to the United States regarding the tariffs on steel and aluminum, and is awaiting a response. Meanwhile, discussions in the Chamber of Deputies will focus on proposed tariff fraction adjustments that include these materials.

Mexico continues to attract record levels of foreign direct investment (FDI), with 1,776 projects worth US$297 billion in the portfolio managed by the Ministry of Economy. “No project has been canceled so far, on the contrary, we keep adding new ones,” says Ebrard.

He also reveals that Nvidia’s CEO will visit Mexico in November, when the government will unveil the “Mexican Artificial Intelligence Language” initiative, underscoring Mexico’s growing role in global technology development.

Slim: “North America Will Emerge Stronger”

During the Milken Institute’s Global Investors Symposium in Mexico City, Carlos Slim, Chairman, Grupo Carso and América Móvil, acknowledged that the upcoming USMCA review will bring a “turbulent phase.” However, he emphasized that North America will emerge stronger, becoming “the region with the greatest potential in the world.”

Slim highlights the complementarity between Mexico and the United States, particularly as the United States regains its technological leadership through AI, opening opportunities for joint growth and innovation.