GOP presumptive presidential nominee Donald Trump strikes fear in the Mexican economy, according to the chief economist of Mexico’s largest bank.
“Donald Trump is already affecting the [Mexican] peso,” Carlos Serrano of BBVA-Bancomer, told Spanish daily El Pais. “From the moment that he became the only Republican candidate, markets are fearful.”
“If the polls give him a shot, he will make more noise on the type of exchange [rate for the peso],” said Serrano. The economist went on to say that the economic policies of a Trump presidency would, “have very negative effects for the global economy, for the U.S., and, most of all, for Mexico.”
Serrano went after Trump for his proposal to tax migrants’ remittances to Mexico from the U.S. Serrano, however, concluded, “these are not possible policies and a president alone cannot enact them, because it depends on dealings with Congress. But they do assume a risk.”
The Mexican economy is highly dependent on remittances, to the tune of $24.8 billion, according to Forbes. More money enters the Mexican economy thanks to remittances, rather than the oil industry. Trump has stated that taxation of remittances is how he would go about paying for a border wall.
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