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Mexico’s Economy Minister Will Meet with Auto Execs on NAFTA
Mexico’s economy minister will meet today in Detroit with executives from General Motors, Ford and several global suppliers to discuss the future of the North American Free Trade Agreement.
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Mexico’s economy minister will meet today in Detroit with executives from General Motors, Ford and several global suppliers to discuss the future of the North American Free Trade Agreement.
Minister Ildefonso Guarjardo also will address the Detroit Economic Club. He is eager to build support to deter the U.S. from upsetting the 23-year-old agreement. The ministry says Michigan exported more than $12 billon to Mexico last year, including $4.2 billion in auto parts.
President Donald Trump vows to abandon NAFTA, which includes Canada, unless he can get better terms for the U.S. He also has threatened to impose a border tax as great as 35% on vehicles imported from Mexico.
Talks about a revised agreement aren’t likely to begin until June. Mexico insists it will reject any revisions to NAFTA that impose quotas or tariffs. Last year the country made nearly 3.5 million vehicles and exported 80% of them, including 2.1 million to the U.S.
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