Mexican Peso: Trade talks support Peso against US Dollar - Societe Generale
Societe Generale reports that USD/MXN has moved back below 17.00 as Mexican officials engage with US counterparts on trade issues following a widening US-Canada rift. The bank highlights a sharp drop in Mexico’s car imports from China after tariff adjustments aimed at protecting local jobs.
Mexican officials are engaged in trade discussions with US counterparts in response to growing tensions between the two nations. As a result, the USD/MXN exchange rate has fallen below 17.00. This development comes after a significant decline in Mexico's car imports from China due to tariff adjustments aimed at safeguarding local jobs.
President Sheinbaum expressed confidence in reaching a trade agreement with the US, while the manufacturing PMI indicated a contraction in August. Economy Minister Ebrard met with US Commerce Secretary Howard Lutnick at the G20 summit to address trade concerns following the escalation of the US-Canada trade dispute. Mexico's car imports from China dropped by 31.1% year-over-year in the first half of 2026, reaching 158,571 units.
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