The Implications of Mexico’s Stubborn U.S. Trade Surplus
Upcoming trade negotiations could be affected by Mexico’s widening trade surplus with the U.S., an economist writes.
After all the focus on tariffs in 2025, Mexico closed the year with a surprising result: A record trade surplus with the United States, 20% larger than in 2024. The story of how this happened reveals several interesting truths about the Mexican economy, and may also be a key to understanding how bilateral trade ties will evolve in 2026. The Trump administration, which has made reducing trade deficits a core priority across the board but targeted Mexico as a specific area of focus, imposed a series of tariffs throughout the year despite the United States-Mexico-Canada Agreement or USMCA....
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