The Colombian senate’s rejection of President Petro's tax bill adds to our concerns that the country's already-fragile public finances are likely to deteriorate further ahead of next year’s election. It also increases the likelihood of the central bank shifting towards interest rate hikes. Elsewhere, the approval by Mexico’s congress of a series of import tariff hikes on China target many of the Sheinbaum administration's goals, including appeasing the US and mending the public finances. Finally, markets seem to have largely priced in a victory for right-wing candidate José Antonio Kast in Sunday's presidential run-off in Chile.
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