Mexican Peso Gains Against U.S. Dollar as Mexican Billionaire Carlos Slims Holds Press Conference

The Mexican peso closed 1.5% higher against the U.S. dollar on Friday. Despite increasingly hostile rhetoric between Mexican and U.S. authorities over illegal immigration and the highly controversial border wall, the peso had one of its best days against the greenback since the start of the year.

Today’s appreciation in the peso was mainly a result of a press conference held in Mexico City by Mexican billionaire, Carlos Slim, who said the Mexican government needs to be strong in the upcoming negotiations with the Trump administration.

Slim, a Mexican business magnate who is well known for being the richest person in the world between 2010 and 2013, called Trump a “great negotiator,” adding that he had a great amount of negotiating leverage due to the size of the American economy.

However, the Mexican businessman also mentioned that Mexico needs to focus on developing its domestic economy and that any excessive tariffs imposed by the Trump administration would be borne by U.S. consumers.

While the U.S. president has criticized Carlos Slim during his campaign for making donations to the Clinton Foundation, Trump met with Carlos Slim at his Mar-a-Lago resort in Florida, last year. Trump said in one of his tweets:
"Yes, it is true - Carlos Slim, the great businessman from Mexico, called me about getting together for a meeting. We met, HE IS A GREAT GUY!"
The Mexican peso finished the off the week with a 3% gain against the dollar.

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1 comment :

  1. It seems the general sense of panic which has been setting in with Trump's arrival in office, is beginning to calm in the light of realisation that most, if not all costs for raising barriers to trade will be met by the American taxpayer and consumer.

    It is a well known economic reality that trade barriers raise prices for those inside the barrier. Tariffs charged on goods are borne by the receiver of the goods, not the vender. That combined with the loss of cheap labour for farm work will carry over costs. The real question is whether American consumers will be willing to bear these costs. Remember, also, that countries that face barriers will raise their own, so expect to see political activity in that direction appearing in response to President Trump's policies.

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