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Published: Sun, January 15, 2017
Economy | By Melissa Porter

Mexican peso hits record low on Trump

Mexican peso hits record low on Trump

Data obtained by The Daily Signal shows there is plenty of space for President-elect Donald Trump to make good on his campaign promise to build a wall between the USA and Mexico.

In a speech to diplomats in Mexico City, drawing up his negotiating position for the first time, Pena Nieto said, "All the issues that define our bilateral relationship are on the table, including security, migration, and trade".

This is down to the fact that the president-elect confirmed his intention to build a wall along the US' border with Mexico, as he had promised throughout his election campaign.

Mexican officials point to an upsurge in deportations of illegal immigrants under Pena Nieto, and to the country's significance in working with US law enforcement to fight growing USA demand for lethal drugs such as heroin sneaked in from Mexico.

Predictably, many Mexican drivers in border areas have been heading into the U.S.to gas up and save some money, not unlike the way many USA citizens over the years have headed south to take advantage of cheaper prescription drug prices in Mexico. "Mexico in some form, and there are many different forms, will reimburse us and they will reimburse us for the cost of the wall".

Gurria, who served as Mexico's finance minister from 1998 to 2000, said Mexico's central bank, which sold $2 billion in dollar reserves last week to support the peso, had helped prevent a deeper crash.

But Americans should have little faith that Mexico will pay any for this wall.

He continued, "I want to get the wall started".

Pedro Arellano said President-elect Trump is better off paying for a wall to be built around his own home.

On Monday, Fiat Chrysler Chief Executive Sergio Marchionne said, "It's possible, if the economic terms imposed by the US administration on anything that comes into the United States that, if they're sufficiently large, that it would make the production of anything in Mexico uneconomical".

The president said that Mexico still has some issues with the new American administration.

Mexico, meanwhile, must work to reduce its dependency on the United States, economists and policymakers have said.

Trump on Wednesday repeated his promise to make it much harder for US companies to invest in expanded production south of the border.

With less than two weeks before President-elect Donald Trump takes office in the White House, there has been a sharp increase in Mexicans streaming over America's southern border.

Trump's April proposal to force Mexico to pay for the border wall also contained other ideas such as cutting off visas till Mexico forks over the money, increasing trade tariffs and raising visa fees.

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