Mexico peso weakens on Trump auto tariff threat

The peso weakened 1.2 percent on Monday, the worst-performing currency in Latin America.
EL UNIVERSAL/file photo
16/01/2017
19:04
Mexico City
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The Mexican peso fell more than 1 percent on Monday, after U.S. President-elect Donald Trump threatened to slap tariffs on German carmakers, which are stepping up production in low-cost Mexican plants. In an interview with German newspaper Bild, Trump warned he would impose a border tax of 35 percent on vehicles imported to the U.S. market, following campaign promises to revive U.S. industrial jobs and curtail imports from Mexico. Earlier this month, Ford Motor Co scrapped a planned Mexican car factory following criticism from Trump on Twitter, driving the peso to an all-time low. The peso weakened 1.2 percent on Monday, the worst-performing currency in Latin America. Other currencies were mixed in thin trading volumes as U.S. markets remained closed due to a holiday.

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