Mexico will defend the free flow of remittances, Finance Minister Jose Antonio Meade said on Monday January 30, reflecting concerns that the government of U.S. President Donald Trump will make it harder for immigrants to send money from the United States.
Trump’s team last year said that stemming the flow of billions of dollars of remittances was one way of pressuring the Mexican government to pay for a planned border wall.
The country’s largest source of cash comes from Mexicans living in the United States. That is now under the microscope after Trump issued an executive order Wednesday to start building a wall on the border.
During his campaign, Trump said multiple times that Mexico will pay for the wall. He even threatened to halt or tax cash transfers — known as remittances — from the U.S. to Mexico if the country refused to pay for it.
But experts caution that even if Trump halts or taxes remittances, Mexicans will still find ways to get cash over the border without paying a tax.
Alberto Ramos, head of Latin America research at Goldman Sachs (), says that when wire services charged high fees a decade ago, Mexicans still got their money across the border either in-person, through the mail or via traveling relatives.
“If you tax that money it won’t necessarily stay in the U.S. It can still go to Mexico through informal channels,” says Ramos.
more recommended stories
Priest shot dead marks 2nd clerical murder this week in Mexico
Roman Catholic authorities in Mexico say.
Mexican presidential candidates face off in first debate with clear lead in polls for leftist AMLO
On Sunday April 22, the first debate.
Yucatán hosts regional technology node for greater innovation
Composed by 10 scientific-academic institutions from.
Leaders of the Americas adopt commitment to fight corruption
The 8th Summit of the Americas.
Spanish oil company Repsol enters the Mexican market
Seven gas stations in Baja California.
Balché: Sacred Maya drink
The balché is a Maya ceremonial.
Satellite Wi-Fi will take the Internet to disconnected Mexicans
In Mexico there are 63.9 million.
Fundraiser event held in Valladolid to benefit DIF and Lions Club
A total of 21 designers from.
Once again, crime rates decrease in Yucatan: Semaforo.com.mx
During the first months of 2018,.
New Viva Aerobus Mérida-Tuxtla Gutiérrez direct flight to start operations in June
The low cost airline Viva Aerobus.