After Election, Mexico Wants to Keep Strong Commercial Ties With US

November 09, 2016
Rodrigo Cervantes

MEXICO CITY — Mexico is Arizona’s number one commercial partner, as well as the third-largest commercial partner for the United States. And, right after the elections, the government of the neighboring nation started working to keep the commercial relationship working, as well as its economy.

The morning after Donald Trump was announced as president-elect, uncertainty hit the Mexican stock market and the Peso. While La Bolsa Mexicana de Valores — Mexico’s stock market — opened with a loss of 2.02 percent, the Mexican currency reached its lowest price against the American coin: $20.35 pesos per dollar.

The Mexican government immediately reacted to avoid more speculation and damages in the economy. At 7 a.m., right before the markets opened,  Mexican treasury secretary José Antonio Meade and Agustín Carstens, governor of the Central Bank of Mexico, offered a press conference to ease post-election anxiety.

“The result of the U.S. elections will not have a direct impact in commercial and financial regulations,” Meade said.

“Mexico has enough strength to face changes in the environment,” he said, explaining that the financial strategies from the federal government, as well as the recently implemented reforms, will keep the Mexican economy strong, the inflation low and trade flowing.

Meanwhile, President Enrique Peña Nieto congratulated the people of the U.S. for the elections via Twitter. He offered Donald Trump to work with him for the development of the region.

“Mexico and the USA are friends, partners and allies that must continue their collaboration for competitiveness and development of the North American region,” reads one of Peña Nieto’s tweets.

And while the future of trade agreements with the U.S. remain uncertain with Trump as president — particularly since he campaigned on a promise to revise NAFTA — members of the Mexican Senate are pushing for a quick approval of the Trans-Pacific Partnership Agreement, which would allow less dependency from Mexico to the American market. 

On the other hand, the American ambassador in Mexico, Roberta Jacobson, made a public statement with hopes for a stronger relationship between both nations under the new administration.

“Change can sometimes generate anxiety, but like I have said in numerous times, I have confidence that our relationship has strong roots in our shared values and interests,” read Jacobson’s letter.