MEXICO CITY (Reuters) - Mexico's economy minister said on Thursday that applying tariffs on U.S. goods is "plan B" for Mexico in trade talks with the United States if negotiations aimed at achieving a new mutually beneficial agreement fail.

Economy Minister Ildefonso Guajardo told local broadcaster Televisa that he expected North American Free Trade Agreement negotiations with both the United States and Canada to begin this summer and conclude by the end of this year.

(Reporting by David Alire Garcia and Veronica Gomez; Editing by Lisa Von Ahn)