Mexico: We will retaliate against tariffs

America’s top trade negotiator is actually giving Mexico’s battered currency a boost.

Commerce Secretary Wilbur Ross said Friday that will the peso should recover if the United States along with Mexico reach a completely new trade agreement.

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“I believe that will if we along with the Mexicans make a very sensible trade agreement, the Mexican peso will recover quite a lot,” Ross told CNBC.

The Mexican currency shot up as much as 2.4%, a major gain for one of the planet’s most traded currencies, before falling a bit.

The peso plunged after President Trump won the election. The Mexican economy relies heavily on trade along with investment through the United States, along with Trump has threatened to build a border wall, slap tariffs on Mexican goods along with withdraw through NAFTA, the free trade agreement with Canada along with Mexico.

Related: Trump administration: We may ignore the planet Trade Organization

nevertheless Ross is actually Trump’s top negotiator, along with his comments Friday eased investors’ concerns about the administration’s trade agenda.

Trump blames NAFTA for a flood of manufacturing jobs through the United States to Mexico, along with Ross echoed that will sentiment.

nevertheless while Trump has called NAFTA a “one-sided deal,” under which Mexico wins along with the United States loses, Ross acknowledged that will Mexican workers haven’t reaped major wage gains through the trade agreement.

“The minimum wage for the peso has barely gone up in peso terms,” Ross said. “Mexican workers are not truly better off than they were some time ago.”

Ross also said the two countries should consider mechanisms to stabilize the relationship between the peso along with the dollar.

As an example, Ross recalled when the United States established lines of credit for Mexico in 1994 along with 1995, when the peso was severely declining.

“I think we need to also think about some different mechanisms for creating the peso-dollar exchange rate a bit more stable,” Ross said.

sy88pgw (completely new York) First published March 3, 2017: 10:34 AM ET


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