Parts of Latin America have been in President Trump’s firing line over the past week. While there’s uncertainty over exactly what tariffs Mexico could face (if they are imposed tomorrow, as Trump has said), the mooted 25% tariff would hit the economy hard. And while the weakness of the latest GDP and inflation figures argue in favour of Banxico cutting interest rates by 50bp at its meeting next week, a tariff-induced fall in the peso could force the central bank to stand pat.
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