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MEXICO: Government to Await April 02 Deadline Regarding Tariff Counter Measures

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • During her regular daily press briefing on Wednesday, President Sheinbaum told reporters that Mexico’s administration would wait to respond to the implementation of steel and aluminium tariffs until April 02. For reference, this remains the date for which US President Trump has pledged to impose separate reciprocal levies. Separately, Sheinbaum has said the economy is doing well and the government will not be tapping the credit line with the IMF for now.
  • The Mexican peso continues to trade in a resilient manner, despite the sharp turn lower for major US equity benchmarks following the US CPI data. Alongside Sheinbaum’s patient approach, this may suggest that markets are continuing to speculate on a positive outcome from the ongoing discussions between US/Mexican officials, and an eventual broader trade deal being delivered.
  • USDMXN is edging closer to an important support point at 20.1343, the Jan 24 low. A clear break of this level would highlight a potential reversal and open 19.7618, the Nov 7 low.
  • As a reminder, Banxico Deputy Governor Omar Mejia and Finance Ministry Chief Economist Rodrigo Mariscal will speak in an event hosted by Banorte from 1900GMT/1500ET in Mexico City. The domestic data calendar remains light, with industrial/manufacturing production data due Thursday.
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  • During her regular daily press briefing on Wednesday, President Sheinbaum told reporters that Mexico’s administration would wait to respond to the implementation of steel and aluminium tariffs until April 02. For reference, this remains the date for which US President Trump has pledged to impose separate reciprocal levies. Separately, Sheinbaum has said the economy is doing well and the government will not be tapping the credit line with the IMF for now.
  • The Mexican peso continues to trade in a resilient manner, despite the sharp turn lower for major US equity benchmarks following the US CPI data. Alongside Sheinbaum’s patient approach, this may suggest that markets are continuing to speculate on a positive outcome from the ongoing discussions between US/Mexican officials, and an eventual broader trade deal being delivered.
  • USDMXN is edging closer to an important support point at 20.1343, the Jan 24 low. A clear break of this level would highlight a potential reversal and open 19.7618, the Nov 7 low.
  • As a reminder, Banxico Deputy Governor Omar Mejia and Finance Ministry Chief Economist Rodrigo Mariscal will speak in an event hosted by Banorte from 1900GMT/1500ET in Mexico City. The domestic data calendar remains light, with industrial/manufacturing production data due Thursday.