Mexico will negotiate with the U.S. on newly imposed tariffs of steel and aluminum coming into the United States, a top official said on Friday, after winning an early victory with a pause on tariffs on most shipments sent from Mexico.
Mexican officials are set to meet with U.S. trade officials next week to discuss the steel and aluminum tariffs, Mexican Economy Minister Marcelo Ebrard said in a press conference alongside President Claudia Sheinbaum.
"Mexico imports more than what the U.S. imports from Mexico," Ebrard said. "We're having those discussions, because there's no justification for having tariffs on aluminum and steel."
U.S. President Donald Trump has argued that the U.S. needs to reduce its trade deficit with other nations, and has promised reciprocal tariffs on all nations starting April 2.
Mexico, as well as Canada, on Thursday won a pause on tariffs by the U.S. until April 2 for shipments sent under the nations' trilateral trade agreement.
Ebrard on Friday said that currently, over half of Mexico's exports fell under the U.S.-Mexico-Canada (USMCA) agreement, with many other firms opting for shipments under a so-called "most favored nation" clause.
But that number could come up to 85% to 90% in coming weeks, according to Ebrard, as firms shift to send under USMCA norms.
Some firms could have difficulty falling under USMCA regulations, Ebard conceded, particularly the auto sector.
Mexico will meet with those affected firms in coming weeks, he added.
