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in the keywords:  protectionism, nominal exchange rate, NAFTA, UMSCA, balance of payments
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EN
This article aims at analyzing the main features of Donald Trump´s trade policy towards Mexico. Based on the deterioration of the trade conditions reflected through the exchange rate volatility, as well as the main clauses signed in the USMCA, this paper identifies several factors that play a decisive role in determining the new protectionism and nationalism in the US foreign policy. Among others are the US-China trade war, demographic changes, migration and the Mexican export competitiveness. We conclude that Mexico accepted conditions through the USMCA that may have helped to meet Trump´s demands in the short term, but they could lead to a bottleneck in the medium and long term.
ES
El presente artículo tiene como objetivo principal analizar las principales características del comercio México-Estados Unidos de América (EUA) bajo el liderazgo de Donald Trump. Partiendo del enrarecimiento de la relación comercial reflejada en la volatilidad del tipo de cambio y los compromisos acordados en el T-MEC, se resaltan los factores que determinan el nuevo proteccionismo-nacionalismo de los Estados Unidos. En este contexto, la guerra comercial con China, cambios demográficos, migración y la estructura del sector externo mexicano juegan un papel fundamental. Se concluye que, dada la dependencia económica de México con respecto a los Estados Unidos, México se ha visto en la necesidad de aceptar condiciones que en el corto plazo parecen satisfacer las demandas de Trump, pero que podrían significar un estrés aún mayor en el mediano y largo plazos.
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