US, Mexico announces massive cooperation

Mexico and the United States plan to take advantage of the Biden administration's massive investment in semiconductor production to push the integration of their supply chains and cooperate on expanding the production of electric vehicles through Mexico's nationalized lithium industry, officials from both countries said Monday. Both efforts seek to eat into Asia's advantage in semiconductors and batteries needed for electric vehicles and promote North American production.

Gina Raimondo, U.S. Secretary of Commerce said  "The goal of this high-level economic dialogue is to make it easier for our countries to trade, invest and innovate. And when you trade, invest and innovate you create prosperity and you create jobs. And that's what this is about, shared prosperity and job creation for the people of Mexico and the people of the United States. And as we discussed today with President Lopez Obrador that means opportunity for everyone, at every level."

Blinken and U.S. Commerce Secretary Gina Raimundo had spoken earlier in the day with Mexico President Andrés Manuel López Obrador about the opportunities for Mexico to take advantage of recently passed U.S. legislation that would provide $28 billion in incentives for semiconductor production, $10 billion for new manufacturing of chips and $11 billion for research and development.