The large drop in remittances to Mexico (in dollar terms) in June suggests that the Trump administration’s crackdown on undocumented migrants is starting to have an economic impact south of the border. Meanwhile, President Sheinbaum's efforts to solve the Pemex problem are encouraging, but the measures presented this week are unlikely to solve the company's financial problems and the next crunch point is likely to emerge in 2027 when the government intends to end support. Finally, recent comments out of Brazil suggest policymakers are maintaining a defiant stance towards Trump’s tariffs. Any resolution is likely to be some time away.
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