Mexico and US prepare round of USMCA talks — Mexico News Daily
Mexico and the United States are preliminarily planning to hold a fourth round of talks on the USMCA trade agreement next week. The parties aim to agree on a framework deal before the U.S. midterm elections on November 3, Mexico News Daily reports, citing Reuters sources.
Tariffs and bilateral agreement
One of the main topics of the meeting could be tariffs imposed under Section 232 on steel, aluminum and automobiles. José Medina Mora, president of Mexico’s Business Coordinating Council, said their removal is expected to be among the priorities of the talks.
According to the publication, Mexico is seeking to reach an interim bilateral agreement with the United States after parallel trade talks between Washington and Canada collapsed last month. After a phone call with U.S. President Donald Trump, Mexican President Claudia Sheinbaum said the sides are making progress on trade issues.
Peso exchange rate and industry
For most of the week, the Mexican peso traded above 17 per dollar, approaching its worst weekly result since March. According to Mexico News Daily, markets were assessing the U.S. Federal Reserve’s decision to raise interest rates for the first time since 2023, which narrowed the gap between Mexican and U.S. rates. Further progress or tensions surrounding tariffs could affect the peso’s exchange rate.
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In July, industrial production in Mexico rose by 2.4% year-on-year on a seasonally adjusted basis, the National Institute of Statistics and Geography, INEGI, reported. This was the highest figure since November 2023. Construction grew by 6.7%, mining by 1.6%, and manufacturing by 1.3%.
At the same time, in the first seven months of 2026, industrial activity increased by 0.4%, while manufacturing output declined by 0.7%. Economists at Grupo Financiero Monex expect moderate growth due to uncertainty surrounding the USMCA and U.S. tariffs.
Energy project
Mexico’s Federal Electricity Commission presented the Oasis BCS project in the Mulegé region of Baja California Sur state. It includes a 72-megawatt solar power plant, an energy storage system, electrolyzers for green hydrogen production, and fuel cells. According to the commission’s estimate, the project is expected to supply electricity to 40,000 households.
