Mexican Economy Is Suffering Terribly After Trump Was Declared President
Over the last few days, Mexico’s peso dipped to a record low of 21 pesos per dollar, down from 18 pesos per dollar just a few days earlier. The plunge came in the wake of the November 8th presidential election, which saw Donald Trump pull in the sweet victory. During his campaign, Trump has promised to decrease trade, end NAFTA if it isn’t renegotiated on his terms, build a multi-billion dollar wall between the U.S. and Mexico, create a 35% tariff for Mexican good sold in the U.S., deport two to three million criminal immigrants – of which many are presumably Mexican. The inflation hit so hard that even Mexican billionaire Carlos Slim’s fortune dropped from 51 billion to 45 billion.
Have no fear though, now is the perfect time to head over to Mexico and exploit that weak peso with your sweet U.S. dollars.
Mexico said it had a contingency plan in the event of Trump win. Over the last year, the peso has had a rocky relationship with Donald Trump’s bid for the presidency. As Trump’s polling numbers failed, the peso rallied, and when Trump surged, the peso plunged. As of today, with the peso at record lows, Mexico has not revealed what their contingency plan is, though if you ask me, scratch-offs are a sure winner! Nothing like getting a Bucks Deluxe winner, and my abuela has a lucky nickel she’s had since Manuel Ávila Camacho.