Brazil has seen one of the largest falls in the tariff rate applied by the US after the Supreme Court over-turned IEEPA tariffs, but it's to unlikely to have a major impact on exports. For Mexico, while the tariff ruling has limited direct effects, it could delay USMCA renewal. Otherwise in Mexico, the recent bout of violence appears to be subsiding, but could have lingering effects on the tourism sector - and potentially arrivals ahead of the World Cup.
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