America’s southern neighbor made up 15% of US imports in July, compared to 14.6% from China, according to data analyzed by the outlet., dropping by 14.5% in July compared to the same month last year, according to data released by Beijing last month.
Meanwhile, foreign direct investment in Mexico is up more than 40% in the country this year as US companies increasingly shun China, Bloomberg reported. Last month, President Joe Biden and Congress imposed trade restrictions on Beijing, which seek to protect domestic microchip and tech-related manufacturing.
Tesla confirmed its plans for the so-called “Gigafactory Mexico” at its Investor Day in March, though it has yet to start construction and may not do so until around 2026, according toMexico’s resurgence has helped the peso boast the world’s strongest currency this year and one of the best-performing stock markets, Bloomberg reported
The Bank of Mexico has been holding interest rates steady at 11.25% for three consecutive months, whileAs of Tuesday, $1 was equivalent to over 17 pesos.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CoinDesk - 🏆 291. / 63 Read more »
Source: CoinDesk - 🏆 291. / 63 Read more »