In a significant diplomatic exchange, Mexican President Claudia Sheinbaum held her inaugural phone call with newly appointed Canadian Prime Minister Mark Carney on April 1, 2025. The conversation underscored the leaders' commitment to enhancing North America's economic competitiveness amid evolving global trade dynamics.
According to the Mexican government, the two leaders agreed on the importance of maintaining open dialogue and working towards deeper economic integration within the region. "The president @Claudiashein discussed via telephone with Prime Minister of Canada, @MarkJCarney; they agreed to maintain dialogue and concurred on the importance of North American economic integration, with respect for sovereignty, as the best way to compete with other regions of the world," the government stated through its social media channels.
In a statement released by the Canadian government, it was noted that the leaders engaged in a "productive call during which they discussed the importance of leveraging the strong trade and investment relationship between the two countries, to benefit Canadians and Mexicans alike." Carney remarked on social media that in a constantly changing global economy, having strong and reliable partners is essential. "Canada and Mexico are focused on deepening their trade relations and building stronger economies together," he emphasized.
This diplomatic discussion took place just a day before U.S. President Donald Trump was set to unveil a global tariff package, which has raised concerns in both Canada and Mexico. Sheinbaum's government is prepared to respond to any tariffs that the U.S. may impose on Mexican products, indicating a readiness to navigate the potential fallout from Trump's policies.
On April 2, 2025, Sheinbaum defended the promotion of Mexico's national economy during her morning press conference, aiming to mitigate the impact of possible U.S. measures. This comes after the Secretary of Finance reduced the country's growth forecast for the year to between 1.5% and 2.3%, citing decreased momentum in residential investment and business caution stemming from uncertainties regarding U.S. trade policy.
Despite these challenges, Sheinbaum expressed optimism, asserting that the Mexican economy remains robust, with historic employment levels and tax collection. "We have a plan to strengthen the economy under any circumstances, and now we will reinforce it even more; we are not negative," she stated.
However, analysts have warned that the 25% tariffs threatened by Trump could potentially push Mexico's economy into a recession. The tariffs have already impacted Mexico's steel and aluminum sectors, and Sheinbaum is actively negotiating for "preferential treatment" in critical areas like the automotive industry, where tariffs are expected to commence on April 3, 2025.
As part of her administration's objectives, Sheinbaum emphasized the importance of strengthening the automotive industry, aiming for the majority of vehicles purchased in Mexico to be manufactured domestically. This initiative aligns with her broader goal of enhancing Mexico's economic independence amid external pressures.
The ongoing dialogue between Mexico and Canada reflects a strategic alignment as both nations seek to bolster their economies against potential disruptions from U.S. trade policies. With over 80% of Mexican exports directed to the United States, the stakes are high for Mexico's economic stability.
In conclusion, the recent exchanges between Sheinbaum and Carney highlight a pivotal moment for North American trade relations, as both leaders navigate the complexities of global economics while striving to maintain their countries' competitive edge.
