The value of Mexico’s peso dropped more than one percent against the U.S. dollar after leftist candidate Andres Manuel Lopez Obrador’s (AMLO) landslide victory on Sunday, Bloomberg reports.
As results came in, the peso fell as much as 1.3 percent considering gains it had made earlier that same day.
Electoral authorities said Sunday night that Obrador would win at least 53 percent of the vote, according to the Associated Press.
Former U.S. Commerce Secretary Carlos Gutierrez told CNBC that Obrador’s “instincts are left-wing, populist, anti-multinational [companies], nationalist.”
“I don’t think he’s going to make the negotiations any easier because a lot of what he would like to do will bump up against NAFTA,” Gutierrez said.
President Trump congratulated AMLO in a Sunday tweet, stating he looks “very much forward to working with him.”
Congratulations to Andres Manuel Lopez Obrador on becoming the next President of Mexico. I look very much forward to working with him. There is much to be done that will benefit both the United States and Mexico!
— Donald J. Trump (@realDonaldTrump) July 2, 2018
Obrador heads the recently-formed Morena populist party. (RELATED: Leading Mexican Presidential Candidate Once Compared Trump To Hitler)