A Mexican newspaper in disbelief over Trump victory

A Mexican newspaper with its front page referring to the eventual triumph of United States presidential candidate Donald Trump on November 9, 2016 in Mexico City.

Hours after the United States elected Donald Trump to be its next president, Mexico began carefully laying the groundwork for a relationship with a new leader who campaigned against its citizens and threatened to wreak havoc with its economy.

“I don’t think Trump will do a lot of the things he said he will do”, he said.

But for now, markets appear to be betting that the immediate upside of a weak peso outweighs the future uncertainty of NAFTA and the havoc a withdrawal could wreak on automakers’ supply chains and costs. “Trump has been very aggressive”, said the expert.

Trump’s presidential win has smashed Mexican assets, which are still reeling after his surprise victory on Tuesday (November 8).

During his campaign, Trump vowed to rewrite or scrap the North American Free Trade Agreement (NAFTA), which has helped Mexico increase its factory exports to the United States more than sixfold since 1994 to $316 billion a year.

“Mexico shares this vision”, Peña Nieto said. “This is why Trump wants to build the wall”.

Mexico’s Foreign Minister, Claudia Massieu, said the countries relationship to the U.S. did not end with the triumph of Donald Trump.

The Mexican politician said that the change of administration in the US “presents a series of opportunities that have to be utilized”.

“We think it is an opportunity to think if we should modernize it – not renegotiate it, but to modernize it”, she insisted.

Volatility in the Mexican peso surged to its highest level since the global financial crisis in 2008.

“Trump’s speech overnight was conciliatory and called for unity, and that was breather for the Mexican peso”, said Jaime, a rates and currency strategist at Barclays in NY.

The envoy, David MacNaughton, said that even if NAFTA were torn up, the two nations would be bound by the terms of the 1987 Canada-US Free Trade Agreement, the precursor to the trilateral deal which added Mexico, noting, “I can’t imagine them wanting to do anything about” that deal.

The Colombian peso began depreciating in the lead up to the US presidential election and took a big tumble today as markets continue to adjust to Trump’s victory.

Following Trump’s shocking electoral win, Mexico’s currency fell 7.18 percent to 20.20 pesos per dollar, while the Mexican stock market tumbled 2.2 percent. “Mexico is in a position of strength”.

He insisted they were not discussing renegotiation but instead opening a “dialogue” about all the deal has done for the three countries since its inception. “I think Trump will find that Mexican Americans contribute to the USA economy with their taxes, their work and their talent”.