Investing.com -- The Mexican government announced on Tuesday its intention to initiate discussions with the United States concerning the renewal of a bilateral agreement. This agreement has historically favored Mexican exporters, but the U.S. is currently considering withdrawal from the pact.

If the U.S. decides to exit the agreement, it would lead to the imposition of duties estimated at around 20%. This would result in a rise in the cost of goods. The Mexican government’s hope to renew the agreement is an effort to prevent such an increase.

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