Mexico Economy Minister says 85% of Mexico's trade under USMCA is unrelated to US Section 301, "We still have no tariffs"; does not expect Section 301 to have an impact on trade with the US

The Mexico Economy Minister's remarks suggest a robust reliance on the USMCA framework and downplay potential disruptions from US tariffs under Section 301. This provides reassurance for market participants regarding the stability of trade relations with the US, potentially mitigating concerns for Mexican equities and trade-dependent sectors. It could also influence currency dynamics as traders assess the implications for cross-border trade flows.