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Trade: Mexican President Claudia Sheinbaum rolled out Plan Mexico, an agenda for the nation’s economic development over the next six years that seeks to bolster domestic manufacturing. According to the Financial Times, Plan Mexico is an olive branch to President Donald Trump, who has voiced concerns about Mexico serving as a backdoor for Chinese goods entering U.S. markets. The plan will reduce reliance on imports from China, aiming for 50 percent of domestic supply and consumption in strategic sectors to be “Made in Mexico.”
Plan Mexico creates incentives to support local industry with a focus that includes automotive, aerospace, pharmaceutical, and textile goods. Mexico aims to increase national content in the global value chains of these key sectors by 15% by 2030. The plan will also support Mexican steel producers, who have complained of being undercut by Chinese imports.
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Mexico also announced a task force to involve U.S. auto companies in the effort to lessen dependence on Chinese goods. Mexican Economy Minister Marcelo Ebrard emphasized the need for close collaboration to achieve “our main goal, which is reduce the imports from China.”
In Peru, the National Institute for the Defense of Competition and the Protection of Intellectual Property (INDECOPI) launched investigations into China’s alleged dumping practices of hot-rolled carbon steel pipes, stainless steel sinks, and steel wire rod.
Argentina decided to relax its antidumping measures, setting the maximum duration of dumping investigations at eight months, down from twelve. Antidumping measures will now be limited to a period of three years with one possibility of extension, replacing the previous system that allowed for unlimited renewals. Fifty-two of the ninety-seven antidumping measures currently in place in Argentina target Chinese imports.
China suspended purchases of soybeans from five exporters in Brazil, citing concerns over the presence of pesticides and pests. Brazil is the world’s largest soybean exporter, and over 70 percent of its exports go to China. Reuters reported that the timing of the suspension could give China an opportunity to broker a trade deal with the United States.
Minerals: China announced the discovery of more than twenty million tons of copper on the Tibetan Plateau, which could rival Chile, a global leader in copper production. The plateau’s copper potential could reach up to 150 million tons, according to Chinese researchers. In 2023, China accounted for more than half of global consumption of refined copper.
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China also discovered lithium reserves that could reach thirty million tons, making it one of the world’s largest holders of lithium—second only to Chile. China is the largest consumer of lithium, an important metal in renewable energy technology.
Zijin Mining, a Chinese state-owned company, paused its operations at Colombia’s largest gold mine following a homemade bomb attack. The company attributed the attack to illegal miners. According to Colombia’s Mining Association, at least three other attacks have occurred at mines across the country in the past month.
Diplomacy: Panama continues to push back on Trump’s assertions of Chinese intervention in the Panama Canal. At the World Economic Forum in Davos, Switzerland, Panamanian President José Raúl Mulino reaffirmed that the waterway will remain under Panama’s control. China also doubled down on its assurances that it has never interfered with the management of the Panama Canal. The Panamanian comptroller’s office began an audit of the Hong Kong-based company that operates ports at either end of the waterway.
On January 13, Chinese President Xi Jinping met with Grenadian Prime Minister Dickon Mitchell, the first foreign leader to meet with Xi in Beijing this year. Xi announced his intention to strengthen China’s partnership with Caribbean nations. China and Grenada signed bilateral cooperation documents touching on areas including the economy, renewable energy, tourism, and trade. Chinese Premier Li Qiang affirmed China’s readiness to assist Caribbean nations in climate adaptation and promote the implementation of the UN Framework Convention on Climate Change and the Paris Agreement.
China publicized its support for Surinamese Minister of Foreign Affairs Albert Ramdin to lead the Organization of American States (OAS). The next secretary-general of the OAS will be elected in March.
On January 1, Cuba and Bolivia joined the intergovernmental organization BRICS as second-tier partner countries.
China criticized Trump’s move to return Cuba to the list of state sponsors of terrorism. Former President Joe Biden removed Cuba from the list shortly before leaving office.
Fu Hua, president of China’s official news agency Xinhua, met with Cuban Ambassador Alberto Blanco Silva in Beijing on January 16. The pair announced their goal to strengthen cooperation between Xinhua and Cuban media and think tanks.
Chairman of the National People’s Congress Standing Committee Zhao Leji held talks with President of the Congress of Peru Eduardo Salhuana on January 6, discussing the deepening of bilateral relations.
The Dominican Republic received a donation of 120 ambulances from China. The ambulances, equipped with incubators, infusion pumps, and ventilators, will help modernize the country’s emergency response system.
Investments: Testing for metro trains in Bogotá, Colombia, is set to begin in China in February. The megaproject was almost halfway completed by the end of 2024, and trains will begin arriving in Bogotá in September.
Following the discovery of “slavery-like conditions” at a BYD factory in Brazil in December, the president of BYD Brazil, Tyler Li, said the company will maintain their commitment to start production by the end of 2025. On January 7, BYD and Jinjiang Group, the contractor that hired the workers, met with Brazilian prosecutors, who announced that the workers had received their previously withheld salaries.
China’s second-largest fund manager, China Asset Management Company, announced plans to launch funds in Brazil this year in an effort to expand its global investor pool. Pending Beijing’s approval, the company will launch a cross-listing exchange-traded fund, which would be the first of its kind in Brazil. China Asset Management Company also revealed its intention to launch funds in the United States.
Argentina announced the $2 million purchase of three diesel-electric trains from the Chinese state-owned company CRRC International.
Venezuelan President Nicolás Maduro shared plans to construct a satellite with China.