Key facts
- Mexico seeks tariff reductions on automotive, steel, and aluminum industries.
- US and Mexico are pursuing a temporary bilateral deal.
- US midterm elections are scheduled for November 3.
Mexican President Claudia Sheinbaum said on Wednesday that trade talks with the US are ongoing, with both nations assessing the feasibility of reaching an agreement before the US midterm elections on November 3. Mexico is seeking significant reductions in tariffs on its automotive, steel, and aluminum industries. The US and Mexico are pursuing a temporary bilateral deal amid ongoing negotiations with Canada over the renewal of the trilateral USMCA trade agreement. The collapse of US-Canada trade talks last month resulted in a tariff dispute and new US import bans on Canadian goods, prompting Canada to vow retaliation. Officials in both countries are hopeful of a deal before the elections.