Mexico's Sheinbaum meets with Canadian finance, foreign affairs ministers

MEXICO CITY: Mexican President Claudia Sheinbaum on Tuesday (August 5) met with Canada's finance minister and foreign affairs minister, she said in a post on X.

AI Brief

Mexico avoided 30% US tariffs with a 90-day pause to negotiate a trade deal, while Canada faces increased 35% duties.
Mexican and Canadian officials are exchanging strategies to handle US trade pressure and tariff impacts.
Most Mexican goods under USMCA remain exempt, but steel, autos, and non-compliant items still face high tariffs.

"We're strengthening the relationship between our countries," she said, sharing photos with Canadian Foreign Affairs Minister Anita Anand and Finance Minister Francois-Philippe Champagne during the meeting at Mexico's national palace. Meanwhile, Mexican Economy Minister Marcelo Ebrard said he is set to speak with Canada's finance minister about the two countries' experiences in dealing with tariffs imposed on goods shipped to the United States. "They want to know how Mexico is getting these results," Ebrard told journalists. Mexico was able to avoid 30% tariffs on its shipments to the U.S. set to come into force last week, securing a 90-day pause to work on a trade deal with the government of U.S. President Donald Trump. Meanwhile, Trump slapped a 35% duty on many goods coming from Canada, hiking the rate from a 25% fentanyl-related tariff imposed earlier this year. "We're going to exchange experiences," Ebrard said. "They're paying a 35% tariff, and Mexico isn't." Mexico is still subject to the previously imposed 25% fentanyl tariffs, though goods sent under the United States-Mexico-Canada (USMCA) trade agreement - which are most of them - are exempt. Trump has said the U.S. would continue to levy a 50% tariff on Mexican steel, aluminum and copper and a 25% tariff on Mexican autos and on the non-USMCA-compliant goods.