**Peso Depreciates Following Trump’s Electoral Victory; No Need for Concern, Says Sheinbaum**
On November 6, 2024, the Mexican peso began its session with a 2.59% depreciation, or 52 cents, trading at approximately 20.63 pesos per US dollar. The exchange rate ranged from a minimum of 20.0955 to a maximum of 20.8072 pesos per dollar, a level unseen since August 3, 2022. This fluctuation occurred after the electoral victory of Donald Trump, aged 78, who is set to return as the President of the United States after winning the latest election.
Gabriela Siller Pagaza, Director of Economic Analysis at Grupo Financiero BASE, noted that the peso’s 2.59% depreciation was significantly lower than the 8.30% drop witnessed following Trump’s first electoral victory in 2016.
On the same day, Mexican President Claudia Sheinbaum reassured citizens that Trump’s apparent electoral win was no cause for concern. During a press briefing from the National Palace, she stated, “There’s no reason for concern. We are a free, independent, sovereign nation and will maintain a good relationship with the United States.”
President Sheinbaum emphasized the need to wait for the completion of the vote count in the U.S. before issuing an official statement. “The transformation of our country is profound and benefits all Mexicans. While we’re aware of the news of Trump’s victory, we must wait for certain states to complete their count to provide an official communication,” she added.
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**Trump’s Second Term: Potential Economic Impacts on Mexico**
Following Donald Trump’s renewed presidency, several factors could influence the economic relationship between the United States and Mexico. Trump’s previous tenure saw significant policy shifts, including renegotiations of trade agreements and heightened tensions over immigration policies.
Experts speculate that potential shifts in immigration policies could impact the flow of remittances, a significant financial resource for many Mexican households. Additionally, trade relations may face new challenges as Trump’s administration could reassess the US-Mexico-Canada Agreement (USMCA).
Economic analysts suggest monitoring possible changes in trade tariffs and immigration policies closely, as they will significantly impact economic outlooks. However, the Mexican government remains confident in sustaining a strong diplomatic and economic relationship with the United States as both nations navigate this renewed political landscape.