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1. Trump orders 25% tariff on all steel and aluminum imports

U.S. President Donald Trump on Monday ordered the imposition of a 25% tariff on all steel and aluminum imports to the United States. With this, Trump eliminated the exemptions he granted to several countries in his first presidential term, including Mexico and Canada, with whom he operates a free trade agreement (USMCA), which he would be violating with the new measure.

The U.S. imported steel and steel products (including iron) worth $81.084 billion in 2024, a year-on-year drop of 1.3%, according to data from the Commerce Department. Its main suppliers of these products were Canada (12.984 billion dollars), China (12.476 billion), Mexico (10.450 billion), South Korea (5.056 billion) and Brazil (4.982 billion).

El Economista: Trump ordena arancel de 25% a todas las importaciones de acero y aluminio

2. Mexican and Canadian governments react to Trump’s steel and aluminum tariffs

After President Donald Trump signed a series of executive orders to impose 25% tariffs on aluminum and steel imports, the Mexican government and Canadian leaders reacted.

President Claudia Sheinbaum announced that her government will send a letter to the White House to explain that it is not convenient for them to impose tariffs of 25 percent on steel and aluminum from Mexico, since in the case of aluminum and steel, they export more than Mexico exports; meaning the U.S. has a surplus.

Milenio: Sheinbaum enviará carta a Donald Trump por aranceles a aluminio y acero de México: “no le conviene”

3. USMCA is a weapon against tariffs

Rejecting the 25% tariffs on steel and aluminum announced by Donald Trump, President Claudia Sheinbaum defended the economic integration that North America achieved with the USMCA.

For his part, Economy Secretary Marcelo Ebrard said that the measure Trump announced on Monday goes against the economic integration achieved in the last 40 years.

Imagen Radio: T-MEC es un arma contra los aranceles

4. Pemex restructured to secure reserves; gasoline is under $24

The federal government seeks to recover the production of Petróleos Mexicanos (Pemex) and to ensure that fuels maintain their prices to the public, without acquiring new debt, without personnel cuts and while maintaining the State’s stewardship over oil and gas. This was reported by President Claudia Sheinbaum, who explained that a financial cleanup will be carried out for the state-owned company, which will include the restructuring of its debt and payments to suppliers, as well as an injection of resources.

At the press conference, the six steps of Pemex’s Work Plan were presented, which consists of guaranteeing oil reserves for 10 years, for which 220 billion pesos will be invested in 2025; a daily production of oil of 1.8 million barrels, and gas at 5 billion cubic feet per day, to have an income of 5 billion pesos; guaranteeing the supply of gasoline, jet fuel, diesel and gas, and keeping the price of gasoline below 24 pesos; recovering petrochemicals; guaranteeing safe logistics in the transport of fuels in the country; and generating clean energy.

Excélsior: Reestructuran Pemex para asegurar reservas; gasolina, por debajo de los $24

5. Industry accentuated fall in December 2024 and closed the weakest year since 2020

At the end of 2024, industrial activity carried out in Mexican territory fell sharply and across the board, sealing a year in which it had its weakest performance since 2020.

Last December it registered a decrease of 1.4% compared to November, which represented its largest monthly drop since the 2.3% contraction in November 2023, according to figures released Tuesday morning by the National Institute of Geography and Statistics (Inegi).

El Economista: Industria acentuó caída en diciembre de 2024 y cerró año más débil desde 2020