WASHINGTON — Treasury Secretary Janet Yellen is set to embark on a trip to Mexico City this week to enhance economic ties with the United States’ primary trading partner, as announced by the Treasury Department on Monday.
During her visit from December 5-7, Yellen will engage with Mexican counterparts, including President Andres Manuel Lopez Obrador, to explore opportunities for creating cross-border supply chains. The objective is to stimulate job growth and reinforce economic security in both nations, as highlighted in an official release.
The International Trade Administration reports that imports and exports between the U.S. and Mexico have already reached nearly $600 billion in 2023, following a substantial figure exceeding $850 billion in 2022, as disclosed by the Treasury Department.
Noteworthy direct investments between the two countries span across various sectors, encompassing manufacturing, wholesale trade, real estate, and finance and insurance, according to information from the U.S. Trade Representative.
Secretary Yellen’s visit aligns with the Treasury’s recent launch of the Counter-Fentanyl Strike Force, aimed at combating the illicit trafficking of this lethal drug into the United States. In the previous month, the department collaborated with Mexican counterparts to impose sanctions on three individuals and 13 entities associated with the Cartel de Jalisco Nueva Generacion (CJNG), a significant fentanyl trafficker.
In a statement, Yellen emphasized that the newly established strike force will leverage the Treasury Department’s unparalleled expertise in combating financial crime against the alarming fentanyl epidemic.
This strategic move comes on the heels of an agreement between President Joe Biden and Chinese President Xi Jinping, aiming to jointly restrict access to the precursor chemicals of fentanyl used by Mexican cartels in the drug’s production, before it reaches the U.S. for distribution.
Yellen asserted, “Treasury will use every tool at its disposal to disrupt the ability of drug traffickers to peddle this poison in our country.” The commitment underscores the multifaceted approach the Treasury is adopting to address the complex challenges posed by drug trafficking and its broader impact on both nations’ well-being.
