Mexico has started a public consultation process to gather information on the functioning of the United States-Mexico-Canada trade agreement (USMCA), the government's official gazette said on Wednesday, Reuters reported. The evaluation is being carried out ahead of trade deal's planned review, Mexican Economy Minister Marcelo Ebrard said in a video shared on his social media. The USMCA, which replaced the North American Free Trade Agreement in 2020 and was negotiated during U.S. President Donald Trump's first term, requires the three countries to hold a joint review after six years.

Mexican President Claudia Sheinbaum on Thursday said her government was not looking for a conflict with countries on which it plans to increase tariffs, including China, Reuters reported. "We don't want a conflict," Sheinbaum told a morning press conference, adding the measures were intended to boost Mexico's economy and that her government was in talks with ambassadors from countries impacted by the proposed measures.

Mexico said on Wednesday it will raise tariffs on automobiles from China and other Asian countries to 50%, in a broad overhaul of import levies the government said would protect jobs and analysts said was aimed at placating the United States, Reuters reported. The Economy Ministry said that the moves, which will increase tariffs to varying degrees on goods across multiple sectors including textiles, steel and automotive, would impact $52 billion of imports.

Mexico’s budget includes 263.5 billion pesos ($14.1 billion) for its embattled state oil company Petroleos Mexicanos to cover debt expenses in 2026, the latest in a string of financial lifelines for the debt-ridden driller, Bloomberg News reported. The company’s proposed budget for next year totals 517.4 billion pesos ($27.7 billion), 7.7% higher than 2025, according to the document. Mexico expects the company’s oil output to reach 1.8 million barrels per day next year, with an average oil cost of $54.9 per barrel. Oil exports are forecast at 521,000 barrels per day, the budget showed.

Mexican President Claudia Sheinbaum said on Thursday that her government is considering imposing tariffs on imports from countries that do not have trade agreements with Mexico, including China, Reuters reported. The tariffs would be part of "Plan Mexico", an initiative to boost domestic industry amid tariffs imposed by U.S. President Donald Trump on some imports from Mexico.

Mexico's government is set to raise tariffs on Chinese imports, including cars, textiles and plastics, as part of its 2026 budget proposal next month, Bloomberg News reported. The tariff increases may also target other Asian countries, according to sources.

Mexico's government on Tuesday said it aimed to cease funding Pemex by 2027 when the highly-indebted state energy company should become financially self-sufficient, helped by an investment vehicle, a debt offering and efforts to stabilize production, Reuters reported. Mexican President Claudia Sheinbaum told a press conference that by 2027, Pemex "will no longer need the finance ministry's support," referring to the recent support it received from the government to pay down debt.

U.S. President Donald Trump gave Mexico a 90-day reprieve from higher tariffs to negotiate a broader trade deal but was expected to issue higher final duty rates for most other countries as the clock wound down on his Friday deal deadline, Reuters reported. The extension, which avoids a 30% tariff on most Mexican non-automotive and non-metal goods compliant with the U.S.-Mexico-Canada Agreement on trade, came after a Thursday morning call between Trump and Mexican President Claudia Sheinbaum.

Mexico's antitrust watchdog COFECE has found that 21 banks and financial institutions operating in the country are likely responsible for fixing fees related to deferred credit card payments, according to a document produced by the government agency that was seen by Reuters. The 649-page document outlining the findings and listing the institutions and individuals allegedly involved includes the Mexican subsidiaries of HSBC (HSBC), Santander (SAN) and Scotiabank (SCOTIABKCL.SN).

Mexico's headline inflation slowed in the first half of July, falling back within the central bank's target range and fueling expectations that the bank should continue to bring down interest rates in Latin America's second-largest economy, Reuters reported. Consumer prices rose 3.55% in the 12 months through mid-July, data from the national statistics agency showed on Thursday, slowing down from the 4.51% reported a month earlier.