*Mexico’s Finance Minister Rogelio Ramírez de la O has told investors that recession is “not part of our outlook” despite “external challenges [that] may temper economic activity”. Ramírez de la O was speaking to investors following the announcement by US President Donald Trump of 25% tariffs on Mexican imports, which have since been put on hold for a month. In excerpts of the call widely disseminated in the local press, Ramírez de la O stressed the strength of Mexico’s financial system, the resilience of the country’s economy, and its status as a “strategic and reliable destination for investment”. Ramírez de la O also highlighted that Mexico had sufficient resources to absorb any potential financial shocks, noting that the central bank (Banxico) has some US$230bn in international reserves and that Mexico had access to an additional US$44bn thanks to credit lines with international organisations, including a flexible credit line with the International Monetary Fund (IMF). The Mexican peso rallied against the US dollar following the news of the tariff pause on 3 February, closing the day at M$20.41/US$1, up from M$21.28 the previous day.