Mexican peso falls after Trump plans to impose 25% tariffs on imports from Mexico

Mexico City – The Mexican peso declined on the afternoon of this Monday, November 25, after United States President-elect Donald Trump announced plans to impose tariffs on products from Mexico and other countries as soon as he reaches the White House. ,

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According to Bloomberg data, the exchange rate on the spot market is quoted at MXN$20.7475 (Mexico City, 18:14), which means the Mexican currency depreciated by 2.2% compared to the close, which stood at MXN$20.30.

Gabriela Siller, director of economic analysis at Banco Base, acknowledged that Trump’s statements increase the uncertainty generated by the HR rating agency changing its outlook on the credit rating of Mexico’s sovereign debt from stable to negative.

Trump, who will take office in January 2025, announced on his Truth social platform that he would impose a 25% tariff on all products from Canada and Mexico, which will remain in place until the flow of migrants and illegal drugs into the United States is stemmed. Stopped.

In another post, the next US President said that he will also impose an additional 10% tariff on Chinese goods, in addition to all existing tariffs.

Trump had already threatened to impose a 25% tariff on products imported from Mexico if the country did not stem the flow of immigration and narcotics into the United States.

Despite threats of tariffs, Mexican President Claudia Sheinbaum has expressed confidence that relations with the Republicans will remain good.

Mexico’s president has also said her immigration policy will try to reduce the flow of people by addressing the causes, following the approach of the administration of her predecessor Andrés Manuel López Obrador, who ruled during Trump’s first term in office. Had done.

This story was updated at 7:19 p.m. with full text information.