Jittery trade talks overshadow record exports to US

MXPE Weekly Essentials ft. a political titan (and Sheinbaum rival) falls, Mexican debt, and other highlights in Mexican politics, policy, and markets from the past week.

MXPE Weekly Essentials. Only the most important news in Mexican politics, policy, and markets from the past week.

Uncharted Mexico: Another month, another record

Fears surrounding tariffs, the US-Mexico-Canada Agreement (USMCA), and stalling investment have overshadowed the fact that Mexico continues to grow as an exporter to the US.

In 2024, Canada was the greatest exporter to the US; Mexico held second place at 16.2% of total US imports. By November 2025, Mexico had become the world’s top exporter to the US, taking 17% of the its import market share.

All this follows increasingly positive noises coming from US and Mexican officials regarding ongoing trade negotiations. These seem to have involved throwing Cuba under the bus to avoid incurring the trade retaliations threatened by the Trump administration (yet Sheinbaum has insisted she will continue to send “humanitarian aid” in the form of other goods).