G20 member states push for talks with US to avoid new tariffs

Mexican President Claudia Sheinbaum said on October 7 that the country is negotiating with the Trump administration to find a solution to avoid the 25% tariff that the US plans to apply to imported medium- and heavy-duty trucks from November 1.

Mexican President Claudia Sheinbaum speaks at a press conference in Mexico City. Photo: THX/TTXVN

According to a VNA reporter in Mexico, speaking at a press conference the same morning, President Sheinbaum admitted that this measure would impact Mexico more than any other country, and affirmed that she would request a direct phone call with President Trump to discuss reaching an agreement before the tax deadline.

According to Banco BASE, Mexico currently supplies 82% of US heavy-duty truck imports, while Capital Economics estimates the figure at 78%. With such a dominant market share, any US tariffs would directly threaten the truck manufacturing and export industry of Latin America's second-largest economy .

In recent years, Mexico has established itself as a major auto manufacturing and exporting hub in North America. In 2024, the country exported about 3.48 million vehicles of all kinds, mainly to the US market. In particular, heavy trucks have increased sharply in export volume to the US, making Mexico a major supplier for the trucking industry of the world's largest economy.

Meanwhile, according to an industry report, the value of the heavy-duty truck market in Mexico will reach about 18.6 billion USD in 2025 and will continue to achieve high growth in the coming years due to increasing demand for freight transport and cross-border trade.

Experts warn that imposing a 25% tariff would increase the cost of importing trucks in the US, disrupting sales contracts and putting pressure on Mexican manufacturers. However, under the terms of the US-Mexico-Canada Trade Agreement (USMCA), companies that can prove North American content in their products can receive preferential tariffs or exemptions.

Analysts say that in the coming weeks, Mexico will have to speed up bilateral negotiations and coordinate closely with businesses to take advantage of exceptions under the USMCA, while preparing response scenarios in case the US implements tariffs from November 1.

Source: https://baotintuc.vn/kinh-te/quoc-gia-thanh-vien-g20-thuc-day-dam-phan-voi-my-de-tranh-thue-quan-moi-20251008102507123.htm