Donald Trump has begun to reveal his first actions upon becoming president of the United States (US) and that caused the dollar to hit the Mexican peso yesterday.
After a relative recovery at the beginning of this week, the peso-dollar exchange rate skyrocketed in international markets towards last night, exceeding 20.70 unitsaccording to information from Bloomberg. At press time, the greenback was trading at around 20.64 units.
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The rebound was due to Donald Trump announcing thatas one of his first executive orders in the presidency of the United States, on January 20 will sign all the necessary documents to charge Mexico and Canada a 25% tariff on all products entering your country.
The imposition of this level of quotas on the goods that Mexico exports to the US would practically be equivalent to the non-existence of the T-MEC, with which the national economy would quickly go into recession.commented Gabriela Siller, director of economic and financial analysis at Grupo Base through her account on X. In his opinion, one of the worst responses that Mexico could give to Trump would be to also impose tariffs.. That’s just would cause more inflation in Mexico and would not pressure the Republican to remove the taxeshe added.
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The above coincided with the announcement by HR Ratings, which also in the evening ratified the long-term sovereign rating at HR BBB+ (G), but modified the outlook from stable to negative and the short-term rating for Mexico’s debt.
The retail dollar ended yesterday at 20.80 pesos on sale at the windows of CitiBanamex branches, before Trump’s announcementwhich meant an appreciation of 0.91% or 19 cents compared to Friday’s close.
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The capital market closed the session with widespread gains globally. On Wall Street, the Dow Jones gained 0.99%, rising for four days and reaching a new all-time high. The Nasdaq Composite showed an advance of 0.27%, while the S&P 500 rose 0.30%, linking six sessions with increases.
In Mexico, the Price and Quotations Index of the Mexican Stock Exchange (BMV) closed with a loss of -0.44%. The losses of stations such as Grupo México stood out, with a drop of 2.6%; América Móvil, -2.3%; Grupo Aeroportuario del Pacífico, -2.1%, and Banorte, -1.3 percent.
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OA