President Claudia Sheinbaum confirmed Friday, September 18, 2026, that Mexico's trade talks with the United States are advancing, following a call with Donald Trump. The objective, Sheinbaum stated, is “at least a reduction in the tariffs we currently have.” These tariffs, imposed by the United States, currently stand at 50 percent on Mexican steel and aluminum, and 25 percent on cars and auto parts that do not qualify under the USMCA trade pact. They represent a direct cost to Mexican producers and, ultimately, to the workers whose labor creates the value in these sectors.
The Wednesday call, planned in advance, was not announced earlier due to progress in the negotiations, Sheinbaum explained. She confirmed “certain agreements” were reached, but provided no details until a final deal. These discussions move toward a final agreement aimed at reducing U.S. tariffs across several sectors, directly impacting the profitability of Mexican industries and the livelihoods of their workers.
U.S. Capital's Leverage
The United States declined to renew the USMCA in its current form about 3 months ago, on July 1, 2026. This move pushed the agreement into annual reviews that can continue through 2036, effectively holding Mexican capital under constant review and subject to U.S. demands. Sheinbaum noted that while the USMCA “has not disappeared,” these U.S. tariffs mean “the original idea is not preserved,” highlighting the ongoing economic coercion exerted by the dominant imperial power.
US Trade Representative Jamieson Greer leads Washington’s delegation in these talks, while Economy Secretary Marcelo Ebrard represents Mexico City. Their negotiations are not about equitable trade, but about the terms under which U.S. capital permits Mexican goods to enter its markets, thereby influencing the rate of surplus extraction from Mexican labor. Security was notably absent from this round of discussions, underscoring the purely economic focus of the imperial power.
The Peso's Decline and Labor's Burden
The Mexican peso traded near 17.15 per US dollar on Thursday, close to a one-month low. This depreciation followed the Federal Reserve's decision to raise rates 3 days ago, on September 16. Such shifts in global finance, dictated by the central bank of the world's dominant imperial power, directly impact the purchasing power of Mexican workers and the stability of the national economy. Mexico’s central bank is set to decide its next interest rate on Thursday, September 24, a decision made under the shadow of U.S. monetary policy.
The direction of movement in these trade talks is toward an agreement, but no tariff line has changed, and neither side has published any text. This means the structural conditions of unequal exchange remain firmly in place, with U.S. capital maintaining its advantage.
Managing Imperial Contradictions
Prime Minister Mark Carney’s decision for Ottawa to turn toward the European Union, after its own talks with Washington broke down, was acknowledged by Sheinbaum. This illustrates the shifting alliances and rivalries among national capitals, each seeking to secure markets and resources in a global system defined by competition. The next formal round of talks between Mexico and the U.S. opens on September 28 in Washington, continuing the ongoing struggle over the terms of capital accumulation.