As potential U.S. tariffs loom, Mexico is keen on bolstering trade links with Brazil. President Claudia Sheinbaum’s discussions with Brazilian President Luiz Inácio Lula da Silva signal a push for closer economic ties. President Donald Trump announced plans for tariffs of 30% on Mexican imports and 50% on Brazilian imports, starting August 1.
Faced with uncertainties regarding the U.S., Mexico and Brazil are striving to expand their trade pact from 2002. They are focused on building stronger connections in pharmaceuticals, agriculture, and aerospace, all seen as pivotal sectors. Negotiations will kick off with a Brazilian delegation’s visit to Mexico on August 27 and 28.
In 2024, trade between Mexico and Brazil hit $14.53 billion, with automobile parts and accessories being key Mexican exports. Amid challenges with U.S. trade, reinforcing issues between Latin America’s biggest economies marks an important path forward.
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