An example of this is the situation in Venezuela, regarding which the Treasury Secretary was never in agreement. For now, the government's reaction is to avoid provoking the White House. Sanctions against the Mexican system are discussed in circles that the former investor does not have access to. In this same direction are the sanctions against Mexican airlines, the demands over the Water Treaty, the complaints against the SAT, and, in a more subtle way, the leaks to NBC that the US could carry out operations against the narco in Mexico. The harassment of Mexican banks is on that same frequency, despite the fact that for months, at the request of Omar García Harfuch, all institutions have been closing the accounts of suspicious individuals without any legal process: daily lists arrive, and the affected person is immediately told to get a cashier's check. The anxiety in intermediate institutions is greater because, it is known, there are no compliance and control systems as in large banks. The cancellation of flights based at AIFA, after Claudia Sheinbaum criticized the military actions of Donald Trump in the Caribbean, was the beginning of a spiral of tensions in the bilateral relationship that in the financial sector translates into a hidden fear of a new onslaught from the Department of the Treasury. The reasons are well-founded. But in reality, it's the other way around: Mexico tends to be the perfect safe haven when the magnate is besieged by his domestic fronts. The recurring example among stock market operators, two weeks ago, was the action of Banregio. The shared belief among the main banking executives is that Trump is preparing a field of conflicts to have multiple bargaining chips in his favor when the new T-MEC agreement is reached. That is why Sheinbaum avoided traveling this Sunday to the EU-CELAC Summit in Santa Marta, where there will be harsh criticism of Trump's military movements in the Caribbean. In the same direction was the lukewarm greeting to the next mayor of New York, Zohran Mamdani, who has a center-left ideology that pleases the president, as well as an absolute antagonism with Trump. That is why restraint is better, with the consolation prize of not getting entangled in the tribulations of other figures from the ruling party who were going to congratulate Mamdani on their networks but had to back down when they were pointed out that it could be an excuse for them to lose their visas. The most recent gesture was on Friday during Emmanuel Macron's visit, where the idea was avoided that if the T-MEC agreement fails, Mexico will opt for other trade blocs like the European Union. Those officials who are not fully familiar with the situation with Washington might argue that after Trump's electoral setback this week, it would be convenient to escalate rhetorical confrontation. A mere mention of the Treasury is enough to fall into the abyss. For the Ministry of Finance, the main fear is that a new wave of sanctions could pose a systemic risk to a stagnant economy with almost all of its sectors in decline. This nervousness is not entirely unfounded: it is enough to observe the quotes of certain mid-sized banks that, in a matter of days, had significant setbacks in their share value. Claudia Sheinbaum usually emphasizes in public that Scott Bessent never presented the evidence against CI Banco, Intercam, and Vector, but the mere accusation was enough to obliterate the three entities. In various institutions, the rumor of a new list to be revealed in December that would hit three other entities is circulating. For his part, Edgar Amador has already understood that these are storms that go far beyond his good dialogue with Bessent.
