Ford has scrapped plans for a plant in San Luis Potosí. (IMAGE: Expansión)
Mexico’s peso fell on Tuesday Jan. 3 to touch its weakest level in seven weeks after Ford, the second-largest U.S. automaker, said it will cancel a planned $1.6 billion USD factory in Mexico’s central state of San Luis Potosi.
Reuters reported the peso MXN=D2 weakened 0.93 percent to 20.9315 per dollar, its lowest level since Nov. 14, following the announcement by Ford, which had come under harsh criticism from U.S. President-elect Donald Trump for its Mexican investment plans.
Ford said it will invest $700 million at a Michigan factory.
The Mexican currency hit a record low after Trump clinched U.S. presidential elections in November.
The real estate mogul has threatened to scrap a key free trade deal between the two countries and slap a tax on remittances to Mexico if the country refuses to pay for a wall along its northern border.
Mexico’s IPC stock index .MXX, pared gains of over 1 percent to trade nearly flat at 45,755 points following Ford’s announcement.
Source: reuters.com
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