The Treasury Secretary noted that the USMCA region remains highly dependent on Chinese imports, with the United States relying on China for 16.5% of its imports, Canada for 13.5%, and Mexico for 19.6%.
Ramírez de la O also stressed that maritime freight rates from Asia to North America have skyrocketed and that Mexico faces a significant trade deficit with China, importing $119 billion worth of products while exporting only $11 billion.
To counter this situation, he proposed that increasing local production could generate 520,000 additional jobs in Mexico and 600,000 in the United States, which would represent “a great advance” for the regional economy.
The event reflected a consensus on the need to improve domestic productive capacity to face global challenges and take advantage of emerging opportunities. Ramírez de la O concluded that it is crucial for the region to conduct a “critical review” of the current situation and work on strengthening local industries to ensure sustainable and resilient economic growth in North America.
