March 8-14, 2025
HOT TOPICS:
Aluminum and SteelTariffscome into effect
CANADA'S NEXT PRIME MINISTER
Mark Carney, former Governor of the Bank of Canada and ex-director of the Bank of England, was elected leader of the Liberal Party, making him Canada’s next Prime Minister. Carney, 59, won with 86% of the votes in an internal election, replacing Justin Trudeau, who led the country for over eight years. His appointment comes amid escalating tensions with the U S , driven by Donald Trump’s trade war and controversial remarks about annexing Canada Carney firmly rejected these claims, emphasizing national unity and vowing to defend Canadian sovereignty His leadership is expected to lead to early elections, either called by the government or triggered by a no-confidence motion Trudeau, in his farewell speech, defended his legacy, highlighting Canada's resilience against external pressures Despite declining popularity in recent years, he received strong support from party members Carney’s financial expertise and nationalist stance are expected to shape Canada’s future policies.
Source: BBC
President Trump has reintroduced 25% tariffs on steel and aluminum imports, sparking global retaliation and trade tensions Canada, the largest U S metal supplier, announced tariffs on $20 billion of American imports, while the European Union targeted $28 billion worth of U.S. goods. Countries like Japan, Australia, Mexico, and Britain have refrained from immediate retaliation but are preparing for potential escalations Trump’s move is intended to protect U S metal industries, yet it raises costs for manufacturers and risks economic repercussions, with Goldman Sachs lowering its 2025 U.S. growth forecast from 2.4% to 1 7% Analysts warn of inflationary pressures and broader trade wars
Mexican President Claudia Sheinbaum and Foreign Minister Marcelo Ebrard, face a critical decision on its response. Historically a major supplier of U.S. steel, Mexico is evaluating countermeasures while balancing economic stability and trade relations The tariffs could impact the country’s industrial exports and trigger price increases in manufacturing sectors dependent on U S metals Ebrard has emphasized the need for diplomatic engagement to mitigate potential disruptions.
Howard Lutnick praised Mexico for not retaliating against U.S. tariffs, stating that countries cooperating with the U.S. will receive favorable treatment. He warned that nations responding with countermeasures risk facing strong reactions from President Trump. Mexico’s approach was highlighted as a strategic decision in maintaining positive trade relations with the U.S.
Source: NEW YORK TIMES
EU AND CANADA RETALIATE AGAINST TRUMP'S TARIFFS
Canada and the EU retaliated against Trump’s 25% tariffs on steel and aluminum imports by imposing reciprocal duties on U S goods Canada targeted steel, aluminum, and consumer products, while the EU hit key American exports like beef, bourbon, and motorcycles. The tariffs could cost businesses billions and escalate trade tensions European Commission President Ursula von der Leyen criticized the move, warning of economic harm Despite diplomatic efforts, the EU reimposed suspended tariffs from 2018-2020 and added new duties on $19.6 billion in U.S. exports. Officials stressed the need for negotiation to prevent further economic strain on both sides
Source: AP NEWS
HOT TOPICS:
Mexico'snewFinanceMinister
Rogelio Ramírez de la O resigned as Mexico’s Finance Minister due to family commitments abroad, as he explained in a video alongside President Claudia Sheinbaum. His departure comes amid economic uncertainty caused by U S tariff announcements and Mexico’s fiscal challenges Sheinbaum confirmed his appointment as an international economic advisor and named Edgar Amador Zamora as his successor Ramírez de la O, who had held the position since 2021 under AMLO, played a key role in the government’s austerity policies, public spending expansion, and major projects like the Dos Bocas refinery and the Maya Train
His successor, Amador Zamora, holds an economics degree from UNAM and a master’s from El Colegio de México. He previously served as Mexico City’s Finance Secretary and as an advisor to the Bank of Mexico Unanimously ratified by Congress, Amador Zamora stated that his administration will prioritize macroeconomic stability and dialogue with investors and international organizations. Business leaders have welcomed his appointment, considering it crucial for Mexico’s economy during a time of both challenges and opportunities
Source: EL FINANCIERO
SIMPLIFICATION AND DIGITALIZATION OF DOCUMENTATION MOVES FORWARD IN CONGRESS
The Mexican government reduced federal procedures by 56%, from 342 to 151, as part of a simplification and digitalization strategy President Claudia Sheinbaum announced the changes, emphasizing efficiency and reduced bureaucracy. Requirements were also lowered by 34%, eliminating unnecessary steps like baptism certificates for late birth registration and DNA tests for nationality confirmation The goal is to simplify 2,309 procedures by December 2025 Investment-related processes will also be streamlined, cutting approval times from 2.6 years to under one year. This initiative aims to enhance access to public services and attract foreign investment
Source: MILENIO
SAT Lawsuits Against Maquiladoras
Mexico’s Tax Administration Service (SAT) has filed 30 lawsuits against maquiladora companies, claiming tax debts of approximately 16 billion pesos These cases stem from alleged irregularities in complying with fiscal obligations under the IMMEX program SAT officials are confident that Mexico’s Supreme Court will rule in their favor, reinforcing tax compliance The disputes focus on VAT retention rules for imported goods, which some maquiladoras allegedly circumvented While SAT refrained from disclosing company names, speculation points to major firms Authorities emphasized their commitment to enforcing tax laws and tax collection efforts
Source: MILENIO
Mercado Libre announced a $3.4 billion investment in Mexico for 2025, a 38% increase from the previous year. The company aims to strengthen its technology, logistics, and financial ecosystem while creating 10,000 new jobs. The announcement was made at the National Palace, highlighting confidence in Mexico despite trade uncertainty with the U S
Source: EL ECONOMISTA
MERCADO LIBRE NEW INVESTEMENT
HOT TOPICS: Legislative and Regulatory Issues:
LABOR
BILL TO ADD ARTICLE 330-L TO THE FEDERAL LABOR LAW
Presented by: Dip Ma Leonor Noyola Cervantes (Plur - PVEM)
Objective: Employers offering telework must prioritize hiring people with disabilities, ensuring nondiscrimination, accessible technology, equal labor rights, training, and gender inclusion Awareness programs and oversight mechanisms will be implemented to guarantee compliance and effective inclusion
Status: 2025-03-12 - Published in the Parliamentary Gazette
BILL TO AMEND ARTICLE 123 OF THE MEXICAN CONSTITUTION TO ESTABLISH ECONOMIC SUPPORT FOR YOUTH
Presented by: Joint Committees on Constitutional Affairs and Legislative Studies
Objective: The State will provide a monthly economic support equivalent to at least one general minimum wage for unemployed young people aged 18 to 29 who are not enrolled in any educational program This support will last for up to 12 months, allowing beneficiaries to receive job training in businesses, companies, workshops, stores, and other economic units, under conditions established by law
Status: 2025-03-11 - Published in the Parliamentary Gazette
PUBLIC ADMINISTRATION
BILL TO AMEND ARTICLE 25 (TENTH PARAGRAPH) AND ARTICLE 73 (SECTION XXIX-Y) OF THE MEXICAN CONSTITUTION ON ADMINISTRATIVE SIMPLIFICATION AND DIGITALIZATION
Presented by: Joint Committees on Constitutional Affairs; Finance and Public Credit; First Legislative Studies
Objective: Authorities at all levels must implement policies for administrative simplification, digitalization of procedures, and regulatory best practices The Congress will establish a national law defining principles and obligations for these policies A national model and authority for digitalization will be created within 90 days of the decree’s enactment
Status: 2025-03-12 - Published in the Parliamentary Gazette
BILL TO AMEND ARTICLE 19 AND ADD TWO PARAGRAPHS TO ARTICLE 40 OF THE MEXICAN CONSTITUTION TO STRENGTHEN NATIONAL SOVEREIGNTY
Presented by: Joint Committees on Constitutional Affairs and Public Security
Objective: The crime of terrorism will be added to the list of offenses requiring mandatory pre-trial detention Additionally, any national or foreign individual involved in the illicit manufacturing, distribution, transfer, or entry of weapons into Mexican territory, as well as any foreigner engaging in unlawful activities related to foreign intervention as outlined in Article 40, will face the most severe penalty possible and mandatory pretrial detention.
Status: 2025-03-11 - Approved, sent to State Congresses
FINANCIAL
BILL TO AMEND, ADD, AND REPEAL VARIOUS PROVISIONS OF THE FEDERAL CONSUMER PROTECTION LAW, THE LAW FOR THE PROTECTION AND DEFENSE OF FINANCIAL SERVICES USERS, AND THE LAW FOR TRANSPARENCY AND REGULATION OF FINANCIAL SERVICES
Presented by: Sen Waldo Fernández González (NL - PVEM)
Objective: Mandates the registration of adhesion contracts with the Federal Consumer Protection Agency, prohibits abusive clauses favoring providers or financial institutions, and establishes binding resolutions for violations Institutions must join the Public Offers Registry The Economy Ministry has 60 days to implement regulatory measures.
Status: 2025-03-11 - Published in the Parliamentary Gazette
CYBERSECURITY
BILL TO AMEND ARTICLES 211 BIS 1, 211 BIS 2, AND 211 BIS 3 OF THE FEDERAL PENAL CODE
Presented by: Sen. Gina Gerardina Campuzano González (Dgo - PAN)
Objective: Increase penalties for unauthorized access, modification, destruction, or misuse of information in protected computer systems, particularly those belonging to the State and public security institutions Harsher sanctions apply to public officials who misuse their access
Status: 2025-03-11 - Published in the Parliamentary Gazette
