Mexican President Claudia Sheinbaum announced an agreement with the national steel industry with the aim of strengthening steel production in the country and reducing dependence on imports.

The agreement, described as “historic”, is part of the federal government’s strategy to bolster a sector considered key to production chains, particularly in industries such as automotive and construction; as part of the Mexico Plan.

The agreement includes measures to incentivize national production and promote domestic consumption of steel , in line with an industrial policy that seeks to prioritize national content in different sectors; all this under three main pillars: public procurement , infrastructure financing and commitments to the construction sector .

This announcement comes in a complex context for the Mexican steel industry, marked by trade tensions with the United States, with tariffs of up to 50 percent.

It’s worth noting that Mexico is a major exporter of steel products, with the United States as its primary destination. According to the National Chamber of the Iron and Steel Industry (Canacero) , between 70% and 80% of Mexican steel exports go to the U.S. market, reflecting the high level of production integration in North America.

Furthermore, the industry faces capacity utilization below 60% , pressured by both trade measures and international competition, especially from Asian countries.

Sheinbaum’s announcement comes in parallel with new measures to prioritize the use of domestic steel in public projects, a strategy that seeks to strengthen domestic demand in the face of an adverse international environment.

The agreement with the steel industry also comes in the lead-up to the review of the United States-Mexico-Canada Agreement (USMCA) , where steel and aluminum are emerging as key issues on the bilateral agenda, especially regarding tariffs and rules of origin.

For his part,  Marcelo Ebrard, head of the Ministry of Economy , underlined the strategic importance of the steel industry for Mexico , highlighting its role in productive autonomy, employment, and the security of industrial chains.

“ It is an extraordinarily important industry for autonomy, for, I would say, even the security of our production chain ,” he stated.

Ebrard emphasized that the national steel industry is a pillar for multiple industries, providing essential inputs for various production chains in the country.

“ The Mexican steel industry is responsible for producing a huge number of inputs for almost all of Mexico’s industrial chains. That’s why we have to take great care of it; besides being very important for employment, it generates value ,” he said.

In numbers, the Mexican steel industry produces around 18 to 20 million tons of steel per year under normal conditions , according to Canacero, and also contributes about 2% of the manufacturing GDP and generates more than 600,000 direct and indirect jobs.

Ebrard also highlighted the dynamism of investments in the sector, referring to his recent visit to a project in Pesquería, Nuevo León.

“ It’s practically a city that’s being built to produce highly sophisticated steel in Mexico and stop importing it, especially for the automotive industry ,” he emphasized.

He added that “ we need to organize ourselves to reduce imports from other parts of the world and so that the industry, including ourselves, can reciprocate the effort it is making, the investment effort, to expand its plants, and help them to get through these months and coming years in the best possible conditions .”

The federal official stated that, while price remains a relevant factor, the origin of the products will be a determining factor in decision-making.

“ It’s not just the price; where it’s made matters a lot. Sometimes we don’t make everything and we have to import some things, but we have to make the effort to, first, see what we can do here in our country ,” he said

He also reiterated that the central objective of the agreement is to support the national steel industry and strengthen domestic production.

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Guanajuato reaffirms its position as one of the country’s most dynamic economies by strengthening its industrial ecosystem with a strategy focused on diversification , innovation , and sustainability , according to Cristina Villaseñor Aguilar, head of the state’s Ministry of Economy .

In an interview with T21, Villaseñor explained that the state currently ranks fifth nationally in economic performance and first among non-border states in terms of exports.

In 2024, it recorded a record automotive production output of more than 896,000 vehicles and an installed capacity exceeding one million units. This year, a new record high is expected, with production reaching between 900,000 and 920,000 units.

In the manufacturing sector , Guanajuato ranks second nationwide , with a value of 1.2 trillion pesos. This result is due to a policy of economic certainty, stability, and adaptation to global changes, said Villaseñor.

The goal of attracting foreign direct investment (FDI) for the six-year term amounts to eight billion dollars, of which 38% has already been realized in just one year, equivalent to three billion dollars, he explained.

“My economic strategy is complementary, sustainable, and responsible investment; it’s not just about attracting investment, but also attracting investment that contributes to the value chain,” the official stated.

These investments ( which have generated more than 8,400 jobs ) are distributed among municipalities in the industrial corridor and also in regions such as Guanajuato capital, San José Iturbide, Apaseo el Grande, Villagrán, San Miguel de Allende, Abasolo, Irapuato, León, Celaya, Silao and Romita, he commented.

In addition, it seeks to attract diversified projects in sectors such as plastics , services , technologies , pharmaceuticals and cosmetics .

The official highlighted that the state has 12 consolidated productive sectors , including fashion (textile, leather goods, and footwear), chemicals, logistics and mobility, aerospace, ceramics, information technology, construction, mining, and medical devices. Japan, the United States, Germany, Italy, France, England, Canada, Spain, Austria, Korea, Switzerland, and Mexico remain the main trading partners.

“In Guanajuato, we’re not just an automotive and agri-food industry. We have 12 outstanding sectors: fashion, chemicals, logistics, aerospace, ceramics, information technology, construction, mining, and medical devices,” Villaseñor added.

By 2026 and 2027 , the state agency plans to complete 25 additional projects with a potential investment exceeding US$1.5 billion , which would allow it to reach half of the six-year goal. Among the newly interested countries are Argentina, India, Taiwan, and Germany.

The state has also demonstrated resilience in the face of economic crises and global geopolitical shifts . The automotive industry represents 20% of the state’s Gross Domestic Product (GDP) , generates more than 213,000 direct and indirect jobs, and accounts for 72% of exports, equivalent to $26 billion in 2024.

The Guanajuato Automotive Cluster —considered the most important in Latin America—brings together more than 700 Tier 1, 2, and 3 companies, distributed across 23 municipalities and supported by 7,600 economic units linked to the productive ecosystem, Villaseñor explained.

From 1992 to 2025, Guanajuato has accumulated more than $25.5 billion in FDI, with a significant presence in sectors such as metalworking, plastics, rubber, glass, chemicals, electrical, specialized leather, textiles, logistics, and transportation.

The city was recently designated as a Wellness Hub for the Bajío Logistics Gateway , which will strengthen its role as an industrial hub and hub for land, air, and rail mobility.

According to Cristina Villaseñor , the state government is also promoting training and strengthening programs for local suppliers to consolidate the value chain, “generating ecosystems of prosperity that build peace.”

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Marcelo Ebrard , head of the Ministry of Economy (SE) , highlighted the progress he has made with the United States government in meetings held regarding tariffs, and announced that the administration, led by Donald Trump, will publish a decree to grant preferential tariff treatment to the automotive industries of Mexico and Canada.

He noted that the decree establishes that between 40% and 50% of the tariffs currently imposed on Mexican and Canadian industries will be reduced compared to other countries, which he considered a key step toward consolidating regional trade and ensuring that vehicles produced in North America are more competitive.

“The decree being published today says that on average, between 40 and perhaps 50% of tariffs on motor vehicles will be reduced, compared to other countries in the world. They’re going to use an estimate of components from the United States, but it includes a definition of production that also includes assembly,” Ebrard emphasized during his participation in the annual meeting of the Council of the Americas (COA) .

The federal official also highlighted the current relationship with the United States, the ongoing economic talks and negotiations, and emphasized the benefits that Plan Mexico can bring to the country.

He said that in meetings with authorities from the northern neighbor, efforts have been made to defend and expand economic integration among the countries of the United States-Mexico-Canada Agreement (USMCA) .

One of the future challenges, he considered, will be the evaluation of the USMCA, which will allow for policy adjustments to increase competitiveness. In this regard, he noted that Mexico is committed to relocating production chains, strengthening key sectors such as minerals, semiconductors, medical equipment, and Artificial Intelligence (AI).

Regarding Plan Mexico, the official shared his commitment to regional integration, which seeks to put Mexico on the map to attract more foreign investment and talent from other countries. He also indicated that the goal is to strengthen the domestic market to reduce dependence on imports.

“We’re already preparing for it, because a new economy is coming to the region. Regional integration will be much more important,” he emphasized.

Ebrard emphasized that, despite the adversities Mexico has faced due to the United States’ protectionist policies, the country has a great opportunity to emerge with a new economy.

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Baja California has established itself as a fundamental pillar of Mexico ‘s economic development . Through a combination of foreign investment, growth in the manufacturing industry, and sustainable efforts, the region has demonstrated its ability to attract capital and foster progress.

According to data from the Baja California Secretariat of Economy and Innovation , the economic impact generated in the state between January 2024 and January 2025 reached 263,072 million pesos (mdp) , strengthening various productive areas.

One of the key factors in this growth has been the export manufacturing industry, in which Baja California continues to stand out as a leader.

Likewise, organizations such as Index Zona Costa Baja California have boosted the state’s competitiveness, ensuring that more than 150 projects from the national investment portfolio are concentrated in the region.

Foreign direct investment has also been instrumental in strengthening the state’s economy. In 2024, the state received $2.4385 billion in foreign investment, with the United States as its main trading partner, contributing $1.650 billion . The manufacturing industry accounted for 72.34% of these resources, according to the state’s Ministry of Economy and Innovation.

The phenomenon of relocating production lines in Mexico, known as nearshoring , has been another key element in the state’s growth, attracting between $ 500 million and $1 billion in foreign direct investment by 2023 .

The Port of Ensenada has emerged as a strategic point within this process, thanks to its privileged location and developing infrastructure.

However, Ensenada ‘s port activity has faced challenges due to U.S. tariff policies. During the first quarter of 2025 , total cargo throughput at the port decreased by 14.3% year-over-year, impacting trade dynamics. Despite this, Baja California ‘s overall growth remains positive.

In the productive sector, national revenues from the Manufacturing, Maquiladora and Export Services Industry Program (IMMEX) have shown an upward trend, rising from 3,385.32 billion pesos in January 2024 to 4,550.2 billion pesos in January 2025 , supporting the state’s competitiveness and its ability to strengthen its export industry.

Additionally, in the third quarter of 2024, Baja California’s economically active population was 1.82 million people , with an unemployment rate of 2.72%, according to data from the federal Ministry of Economy .

Economic growth has also impacted the state’s Gross Domestic Product (GDP) . In 2023 , Baja California recorded a GDP of 951.66 billion pesos , a 3.5% increase compared to 2022 , reflecting the dynamism and financial stability that has characterized the region in recent years, according to data from the National Institute of Statistics and Geography (INEGI) .

To continue consolidating its role in national development, Baja California will host the Transportation and Logistics Meeting (ETYL) CALI-BAJA 2025 , organized by Grupo T21, which will take place at the Grand Hotel Tijuana on May 14 and 15. To register, go to the page baja.etylmx.com/.

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The National Association of the Chemical Industry (ANIQ) held its 66th Ordinary General Assembly of Associates, where engineer José Carlos Pons de la Garza was appointed as the new president of the organization , succeeding Claudia Márquez Medina.

In his message, Pons de la Garza thanked the Board of Directors for their trust and noted that he will lead an administration focused on institutional strengthening, competitiveness, and representing the chemical industry before all its stakeholders: government, the private sector, and civil society.

“I take on this task with commitment, enthusiasm, and full awareness of the strategic role the chemical industry plays in the economic, social, and environmental development of our country,” he declared.

For her part, outgoing president Claudia Márquez presented a final report highlighting the organization’s achievements during her tenure. She highlighted ANIQ ‘s participation in energy reform and its collaboration with the government to implement key regulations .

He also highlighted the work the agency has done to address the challenges of water and electricity shortages in several regions of the country in the summer of 2024. He said ANIQ has developed solutions to mitigate the impacts on its members’ operations .

On the international level, Márquez highlighted the strengthening of ties with the United States and Canada , with the aim of defending the strategic role of the chemical and energy industries in the region.

” ANIQ will continue promoting voluntary compliance, the development of technical capabilities, and the adoption of best practices that allow our industry to remain an engine of growth for Mexico,” he stated.

The event also featured the presentation of the Best Practices in Comprehensive Responsibility Awards , which recognize the sector’s most outstanding projects in seven categories related to sustainability, safety, health, and the environment. The leading verifiers who performed the highest number of verifications in 2024 were also recognized .

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An economic slowdown, tariff announcements by U.S. President Donald Trump, stringent regulations, and more are factors echoing the current environment and affecting the business landscape.

Despite this context, Scania Mexico is committed to the country with sustained investments and long-term expansion plans, according to Alejandro Mondragón, CEO of the company, during the inauguration of the branch in Tepotzotlán, State of Mexico, where he addressed the economic challenges facing Mexico and highlighted the company’s commitment to innovation in the transportation sector.

In his remarks, Mondragón noted that Mexico is the country most exposed to tariffs in its trade relationship with the United States, as more than 40% of its Gross Domestic Product (GDP) depends on exports and imports from that country, a situation that represents a challenge for the industry.

“However, Scania reaffirms its commitment to Mexico with major investments, demonstrating that we are here for the long term,” Mondragón said.

He assured that the company maintains its confidence in the Mexican market and will continue with its growth plan. As part of this strategy, the company plans to open 45 branches in the country by 2029 .

“This is our way of telling the country that Scania is in Mexico for the long term. This isn’t a one- or two-year project; we’re here to be part of the country’s society and industrial development,” Mondragón said.

Regarding technology, he highlighted the company’s role in the evolution of transportation in Mexico, especially in the sale of cab-over trucks.

He explained that Scania leads the bus segment, ensuring that one in every two buses on the roads operates with the brand’s technology and that Mexico is the market that sells the most Scania bus platforms globally.

In his speech, Mondragón acknowledged the country’s economic challenges, but made it clear that Scania will continue to support the future of transportation in Mexico.

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Cargo theft in Mexico continues to rise and this year’s figures show a clear trend towards certain products as the most coveted by criminals, according to AI27 , a company dedicated to predictive and preventive solutions in transportation and logistics, which has warned about specific patterns that could put carriers at risk.

Among the main products that attract the attention of criminals on Mexican roads are groceries, wines and liquors, as well as wires and steel .

Raúl Betancourt, director of Data Science at AI27, explained that the high rate of grocery theft is due to the ease with which these goods can be sold on the black market.

“The high demand for these goods allows thieves to introduce them into informal trade without raising suspicions about their origin,” Betancourt explained.

This leads one to reflect on the imposition of 25% tariffs on steel and aluminum imports by the United States to Mexico, which could bring more greed among the “owners of other people’s property” with respect to steel loads.

AI27 data reveals that in January 2025, 37% of stolen products belonged to the grocery category , consolidating this historical trend.

Wines and spirits follow , which have been a frequent target of organized crime, while wires and steel occupy third place on the list of most stolen goods.

The report also highlights that the months with the highest incidence of robberies in the last two years have been June and November, with rates of 9.6% and 9.5% , respectively. In particular, June 2024 recorded the highest figure at 10.2%, while November 2023 reached 10.8 percent.

“We have seen an increase in thefts during holiday periods, public holidays and commercial events such as Black Friday and Cyber ​​Monday in November. These times represent opportunities for criminals due to the increase in the movement of goods and less surveillance on certain routes,” warned Betancourt.

The theft of goods not only affects transport companies , it also has an impact on the economy and end consumers.

AI27 estimates that when grocery theft increases for three consecutive months, the prices of these products can increase by up to 7.64%, affecting the pockets of the population.

“Cargo theft has been a constant, but with AI, continuous monitoring and real-time data analysis, we can tackle this problem,” said Betancourt.

Prevention strategies and the implementation of new technologies are key to reducing the impact of these crimes on the logistics sector and the country’s economy.

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By 2025, the economy is expected to have high volatility and significant changes in monetary and fiscal policies , according to specialists from Vector Analysis .

Rodolfo Navarrete, chief economist at Vector Casa de Bolsa , stressed that “the main risk comes from the change of government in the United States. President Donald Trump could use tariff threats and other drastic measures as a negotiating strategy with key countries such as Mexico.”

In this context, in its “Economic Outlook 2025” report, Vector Analysis expects Trump to implement selective actions without escalating the situation , which could avoid severe repercussions on trade relations. However, Navarrete warned of the possibility of 25% tariffs or even threats of military intervention in Mexico, although he considered this scenario to be unlikely.

For his part, Luis Adrián Muñiz, economic analyst, highlighted that the Mexican economy will continue to show signs of slowdown in 2025 , with an estimated growth of 1.5 percent.

This performance is explained by the poor performance of key sectors such as construction and public spending. However, private consumption, supported by social programs, will remain the main economic driver.

As for inflation , it is projected to close in a range of 3.5% to 3.8%, favored by a base effect towards the middle of the year.

This would open up space for the Bank of Mexico to reduce the reference rate by 25 basis points during each of its meetings, closing the year at 8 percent.

“The monetary stance will remain restrictive, but we see a clear possibility of gradual adjustments,” Muñiz added.

In addition, Alejandro Arellano, an economist and international analyst, indicated that the US economy, although weaker compared to 2024, will maintain a certain stability with an expected growth of 2.2 percent.

However, Trump’s protectionist policies could generate inflationary tensions and affect global supply chains .

“Consumption and services will continue to be fundamental pillars, but tariffs and restrictions could counteract these advances,” explained Arellano.

Elsewhere, the eurozone is expected to experience a modest recovery , moving from 0.8% growth in 2024 to 1.2% in 2025, driven by interest rate cuts and fiscal efforts.

On the other hand, China will face challenges in stimulating its economy , with projected growth of 4.5%, while strengthening its strategy of technological autonomy in the face of trade tensions.

Regarding the fixed-income market , Ricardo Bravo, a financial strategies specialist, anticipated a positive performance thanks to inflationary convergence and global monetary easing.

The exchange rate is expected to be volatile with a bias towards appreciation, closing the year at levels close to 19 pesos per dollar in an optimistic scenario.

The experts explained that 2025 is shaping up to be a crucial year, where the ability to adapt to political and economic challenges will set the tone for governments and investors. The evolution of trade and fiscal policies will be decisive for global stability and growth.

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TheEconomic Commission for Latin America and the Caribbean (ECLAC) foresees a panorama of uncertainty in the economic sphere in Latin America and the Caribbean, in light of which it projected that the region will maintain low growth with an expansion of just 2.2% this year and 2.4% in 2025 , according to the Preliminary Overview of the Economies of Latin America and the Caribbean 2024 .

“This year and next year, the economies of the region will remain mired in a low-growth-capacity trap, with growth rates that will remain low and with a growth dynamic that depends on private consumption, and less on investment,” the organization stressed in the report, which was released on Wednesday.

The analysis indicated that the economy in the region will only achieve an average annual growth of 1% in the period 2015-2024, which implies a stagnation of the Gross Domestic Product (GDP) per capita during that period.

He explained that in 2025 South America would grow by 2.6% ; Central America by 2.9% ; while in the Caribbean, excluding Guyana, it would grow by 2.6 percent . In this context,  the low rate of job creation , high informality and significant gender gaps in the region’s labor markets persist .

In line with low GDP growth, employment in the region also registered a limited increase of 1.7% in 2024, the lowest recorded in the post-COVID-19 pandemic.

“Confronting the low growth capacity trap requires, on the one hand, increasing the capacity of economies to mobilize financial resources effectively, in order to strengthen resilience to economic fluctuations and, on the other, strengthening productive capacity in the medium and long term,” said José Manuel Salazar-Xirinachs , Executive Secretary of ECLAC.

Regarding informal employment, the average informal employment rate in the region is expected to stand at 46.7% , which would mean a decrease of 0.4 percentage points compared to the rate recorded in 2023.

On the other hand, after peaking in 2022, inflation in the economies of Latin America and the Caribbean has been declining . From 8.2% that year, the regional median inflation fell to 3.7% in December 2023. In addition, inflation is estimated to continue to decline in 2024, reaching 3.4 percent .

According to the Preliminary Balance 2024, among the main policies to address the low capacity for growth is the mobilization of financial resources. Domestically, strengthening public finances is required . This implies concentrating efforts on increasing tax collection and increasing its progressivity, in addition to reducing the levels of evasion in this area.

Given this scenario, ECLAC proposed strengthening the governance and technical, operational, political and prospective capacities (TOPP capacities) of macroeconomic institutions. In the area of ​​productive development policies (PDP), the organization emphasized the need to implement “new generation” policies to promote productive transformation.

He also suggested the need to identify areas with high potential to boost growth , prioritizing environmental sustainability, the promotion of science, technology and innovation, digitalization, among other factors, as well as taking advantage of global value chains to diversify economies.

In this regard, ECLAC identified 14 driving or transforming sectors grouped into three categories: industry , services and key areas for sustainability, which are priorities for the countries of Latin America and the Caribbean, since they have a high potential to boost growth and productivity.

According to the Bank of Mexico (Banxico) , the annual general inflation in the country will close at 4.36% , slightly down from the 4.42% projected in November. Meanwhile, Mexico’s GDP would close 2024 with a growth of  1.55% , although specialists warned that for the following year growth would slow down, with an estimate of  1.17 percent .

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