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China Paying Attention To Mexico’s Tariffs Increase, Moody’s On Proposed Budget

MEXICO
  • According to a spokesperson for China’s Ministry of Commerce, China is highly concerned about Mexico’s increase in tariffs on some import products from nations that don’t have a trade deal with it. Talking at a briefing, the minister stated that although the measure is not targeted at a specific country, it has affected China’s trade to a certain extent.
    • China is willing to work with Mexico to leverage advantages of the two economies, and promote a healthy development of bilateral economic and trade relations. (BBG)
  • President AMLO is scheduled to attend the inauguration of Delfina Gomez, member of ruling party Morena, as the State of Mexico’s new governor.
    • Separately, Banxico chief economist Alejandrina Salcedo holds a conference on the central bank’s quarterly report on regional economies at 12pm local / 1700ET.
  • The proposed 2024 budget eases Pemex’s liquidity stress but the state energy company's fundamentals remain weak, Moody's Investors Service said on Wednesday. They added that the budget proposal is credit neutral.
    • "We assume these measures will help the company repay debt during 2024, avoiding a default, but do not address Pemex's structural liquidity pressures as incorporated in our negative outlook," the ratings agency said in a report.
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