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Weekly Report - 13 March 2025 (WR-25-10)
MEXICO: Sheinbaum basks in adulation – for now
Mexico’s President Claudia Sheinbaum staged a large rally in the Zócalo, the main square in Mexico City, on 9 March. There was a celebratory atmosphere following in the wake of Sheinbaum’s phone call with her US peer Donald Trump, which succeeded at the eleventh-hour in averting the imposition of 25% tariffs by the US on all goods imported from Mexico. But this was only a stay of execution. It will not be long until 2 April, the new date for the tariffs to take effect. Meanwhile, the uncertainty alone is sufficient to damage the Mexican economy, and, significantly, the Trump administration’s universal tariffs on steel and aluminium have taken effect.
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