Mexico’s Pena Nieto says agreed Trump meeting during transition period

Mexico said yesterday it will not pay for a border wall after Donald Trump’s surprise US presidential election win and local authorities held off announcing any emergency financial measures to support the peso after the currency hit record lows overnight.

Despite possible ramifications when trump assumes the oval office in January 2017, some of the biggest names in the us auto industry are willing to work with the new president. The currency has lost almost 8% since Trump won the United States presidential election.

In the run-up to the election, a Reuters poll had forecast a Trump victory would knock the peso to around 21 per dollar.

Overall, only 12 percent of Canadians expect Trump’s administration to positively affect their nation’s relationship with the U.S. While the House Republicans are on board with heightened border security, they are reportedly hoping to approach Trump with a less expensive version of his wall.

“We think it is an opportunity to think if we should modernize it, not renegotiate it, but to modernize it”, said Mexico’s Foreign Minister Claudia Ruiz Massieu on Thursday. “I think Trump will find that Mexican Americans contribute to the USA economy with their taxes, their work and their talent”.

Despite the tension between his government and Trump, President Pena Nieto said he called to congratulate the president-elect, adding that the two had agreed to meet to discuss joint cooperation between the two countries.

While some in agriculture say it’s a victory and a chance to make a difference, they also acknowledge a battle, especially on trade policy.

That previous visit angered Mexicans, who slammed Mr Pena Nieto for inviting a man who described migrants from their country as rapists and drug dealers. This has something to do with the policy on trade that Trump will be implementing once he assumes office early next year. Couple that with Trump’s insistence to get rid of NAFTA (the North American Free Trade Agreement between Mexico, the US, and Canada), and Mexico could be on the road to some hard times. He also threatened to freeze billions in remittances that immigrants send back to their families across the border in order to pay for the wall. While the central bank denied it would take immediate measures to respond to this, it is broadly expected to raise interest rates in the coming days to counter this pressure. “Mexico is in a position of strength”. But was resolute that Mexico is not interested in a renegotiation of the deal.

“The Mexican government has been clear and emphatic that paying for a wall is not part of our vision”, said Ruiz.