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Mexico’s Top Diplomat Roberto Velasco Alvarez Talks US Trade Talks artwork

Mexico’s Top Diplomat Roberto Velasco Alvarez Talks US Trade Talks

Bloomberg Talks

September 25, 2026

Mexico’s Foreign Minister Roberto Velasco Álvarez said he’s “cautiously optimistic” about his country’s ongoing trade talks with the US.

Speakers David Gura, Roberto Velasco Álvarez

TopicsBusinessNewsBusiness News

SPEAKER_1 (0:02)

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SPEAKER_2 (0:07)

Right now, an important interview. It is not O Canada, it is O Mexico. And we know at Bloomberg that so many within the Schenbaum administration listen to our Bloomberg work from Scarlett and myself and others each and every day. He is the Foreign Affairs Secretary for Mexico, a demanding job of the University of Chicago, David Gura with Roberto Velasco Alvarez. David.

David Gura (0:33)

Thank you very much, Mr. Secretary. Thank you very much for being here. You have spent your career focused in part now on the North American relationships between US, Mexico and Canada. How do you assess the state of the US-Mexico relationship right now?

Roberto Velasco Álvarez (0:46)

Well, we have a relation that has a lot of dialogue. We have a relation with deep cooperation on many different areas, including security, based on what we view as core principles, like respect to our sovereignty and territorial integrity. But taking all of that, I think it's overall a good relation, a strong relation.

David Gura (1:09)

No doubt you heard the president of the United States speaking here. He talked about Mexico as the epicenter of cartel violence. He said it was unacceptable that the US could have a 2000 mile border with a country that is, in his estimation, controlled by cartels. How do you respond to that?

Roberto Velasco Álvarez (1:22)

Well, what I can tell you is that in the past two years, the homicide rate in Mexico has halved.

There's a 51% reduction in homicides in Mexico. Most crimes are also in a down guard trajectory. There's a lot of progress, given the new government security strategy that includes a new focus on intelligence and investigations. There's also, as I said, cooperation with the United States based on these four principles that will also include what we call cooperation without subordination.

David Gura (2:00)

Is there total alignment with the US when it comes to its approach to violence in the region or do you differ with the US in some way?

Roberto Velasco Álvarez (2:07)

No, I think the US has a different approach with other countries.

We have our own approach to cooperation. As I said, these principles for us are fundamental. They are in our constitution. We have to respect our legal framework. But with that considered, I think we have good work, we have good progress, and we have good achievements. I mean, if you look at, for example, the numbers at the border, there's a 60 percent reduction in the fentanyl that is reaching the border. The White House has recognized that. There's also a historic reduction in the figures of irregular migration that we've seen in the border, in the past couple of years. So I think we are in a different situation from where we were before.

David Gura (2:56)

We've seen other countries enter into joint military operations with the US. Seems that's a red line for you. Is that something that you wouldn't consider?

Roberto Velasco Álvarez (3:03)

For Mexico, as I said, There has to be respect for our territorial integrity, for our sovereignty, and that entails that operations in Mexico only correspond to Mexican authorities.

David Gura (3:16)

We've seen the deportation of more than 200,000 Mexicans during the start of the president's second term. What's the impact of that been on your country, having that influx of Mexicans returning to Mexico?

Roberto Velasco Álvarez (3:26)

Well, we have a strategy to receive our citizens When they are returned from the United States, it's called Mexico te Abraza. And we provide access to social programs, we provide basic resources, so they can reintegrate to Mexico, and they can get jobs, they can get access to health care. And so far, I think we've been successful in receiving our Mexican fellows as what they are, part of our country.

David Gura (3:56)

There are the Mexican fellows, as you put it, there are also these third country deportations as well, thousands of people not from Mexico being sent there. I'm curious, do you welcome that, these third country deportations?

Roberto Velasco Álvarez (4:06)

Well, there is a number of people that are rejected at the border in the United States, and out of humanitarian grounds, we have received some of these individuals, and we provide them with an opportunity to return to their countries of origin, or in the cases where they require protection in Mexico, we offer them pathways as well.

David Gura (4:29)

Give us an update on trade negotiations. We had James N. Greer, the US Trade Representative here at the Council on Foreign Relations, saying the trade deficit is exploding, in his words. How close are those negotiations, as you see them?

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