BREAKING : Peso Tumbles After Mexican President Says He Won’t Meet with Trump
It turns out canceling a meeting with President Trump has immediate negative effects. The currency markets reacted swiftly to Mexican President Enrique Peña Nieto’s ill advised move.
From BI
The peso was tumbling Thursday after Mexico’s president, Enrique Peña Nieto, announced he had canceled a meeting scheduled for next week with President Donald Trump.
The peso was down by 1.2% at 21.3175 per dollar as of 11:57 a.m. ET.
The currency had been up by as much as 0.8% at 20.9358 per dollar at about 8:50 a.m. ET.
“This morning we have informed the White House that I will not attend the meeting scheduled for next Tuesday with the @POTUS,” Peña Nieto tweeted, according to an online translation.
That followed a tweet sent earlier on Thursday morning from Trump’s personal Twitter account that said: “The U.S. has a 60 billion dollar trade deficit with Mexico. It has been a one-sided deal from the beginning of NAFTA with massive numbers of jobs and companies lost. If Mexico is unwilling to pay for the badly needed wall, then it would be better to cancel the upcoming meeting.”
Peña Nieto was initially scheduled to meet with Trump next Tuesday in what would have been the duo’s first bilateral meeting since the new US administration took office.
Mexican opposition figures had urged Peña Nieto to cancel the meeting to protest Trump’s demand that Mexico pay for a wall on its border with the US, according to reports on Wednesday. In a recorded address that was nationally televised, Peña Nieto said, “I regret and reject the decision of the US to build the wall.”
Trump told ABC News anchor David Muir in an interview broadcast Wednesday night that he wanted construction on the wall to begin as soon as possible. When Muir asked whether that meant construction would start within months, Trump said, “I would say in months, yeah.”
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Mr. Nieto, You picked a wrong man, to say “NO” to !!
obviously, your advisers missed watching Trump—during the election—and observe first hand that, in this man’s Book, “NO & Cannot Do” means “YES & IT WILL BE DONE”!!!
That is why, today, your are calling him PRESIDENT TRUMP!
Nieto is in a tough spot, and is well over his head. Mexican politicians seem to like Mexicans better if they are in another country. Nieto has plenty to work on other than his hair. Massive poverty and crime getting worse, is making Mexico a very dangerous place to visit. Trump should just bar travel to Mexico maybe Nieto would return the favor in kind. US tourism to Mexico has got to be worth far more than the cost of the wall. If Mexico and its politicians would provide for its people … but they are Mexican politicians, so little change of that… Where is Vicente, I thought he would have chained himself to a post just on the Mexican side of the border with his middle fingers up, encased in plaster with fluorescent paint to glow at night.
The reason he denies this is because that would severely reduce the income of his country since the influx of capital is primarily due to the illegal drugs trade and Mexican citizens who illegally cross the border to work and bring money back to Mexico to purchase goods and services… without that cash flow Mexico will see hardships… they are aware of this but welcome it behind the scenes… can’t wait to see the wall completely constructed… allowing ice to watch tunnels more closely!