Mexican President Claudia Sheinbaum closed the door on a one-on-one trade agreement with Canada, telling reporters there is “no need” for a bilateral deal because the Canada-United States-Mexico Agreement already governs commerce between the two countries.
“The framework to strengthen the Mexico-Canada relationship already exists,” she said, adding that any push to deepen ties would happen inside CUSMA, not alongside it.
Sheinbaum’s remarks followed a “very good” meeting in Mexico City with Canadian Finance Minister François-Philippe Champagne and Foreign Affairs Minister Anita Anand. The visit was billed as groundwork for Prime Minister Mark Carney’s upcoming trip to Mexico, though no date has been set.
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Champagne called the talks “very successful,” while Anand said both sides will draft a work plan focused on resilient supply chains, port-to-port trade lanes, energy, artificial intelligence, and security.
The diplomacy comes as President Donald Trump slaps a 35% tariff on Canadian goods outside CUSMA and grants Mexico a 90-day reprieve on its own tariff hike. Canadian ministers declined to say how Mexico secured the grace period but stressed that each country’s relationship with Washington is unique.
Carney, who has not spoken to Trump “in recent days,” noted that 85% of Canada-US trade remains tariff-free under CUSMA despite the new levies.
Auto parts and vehicles dominate bilateral commerce: they make up roughly 20% of Canada’s exports to Mexico and 37% of imports, according to Export Development Canada.
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