Donald Trump announced that he will impose a 25 percent tariff on Mexico and Canada due to the massive subsidies they are receiving. In response to this decision, President Claudia Sheinbaum stated that the government will remain calm and seek to dialogue with the Trump administration to address issues of migration and fentanyl trafficking. She assured that they have contingency plans to deal with any scenario.
For his part, Secretary of Economy Marcelo Ebrard pointed out that if the announced tariffs are applied, American consumers will be affected by price increases on products such as cars, refrigerators, screens, and computers. They estimated that this measure could represent a blow of 21 billion dollars to the U.S. economy.
Regarding the financial market, the Mexican peso weakened against the dollar due to the uncertainty generated by the announced tariffs. Financial analysts foresee a fluctuation of the dollar between 20.58 and 20.70 pesos for the trading day of January 31. The possibility of new announcements from Trump regarding tariffs could continue to impact the exchange rate.
In the midst of this situation, the dollar index shows an increase, reflecting the strength of the dollar against a basket of currencies. Markets remain on alert to see if the threats of tariffs by the U.S. president are realized, which could have repercussions on the Mexican and global economy.
