Mexican peso weakens after Trump sets deadline for tariffs

President of Mexico Claudia Sheinbaum on Tuesday reviewed the Trump administration’s array of new immigration-related executive orders. She said her government would plan to repatriate and support Mexican citizens who may face deportation from the United States. She did not directly rebuke President Donald Trump’s earlier-announced plan to impose high tariffs on Mexico and Canada. Trump on Monday reiterated his intention to impose 25% tariffs on the countries as soon as February if the Mexican and Canadian governments did not clamp down on migrants and drugs crossing the borders. The Mexican peso weakened Tuesday following Trump’s statements.

What about Canada? Outgoing Canadian Prime Minister Justin Trudeau said Trump was weakening U.S. trading options, touting Canada as a safe, secure reliable trading partner in an uncertain global economy. The value of the Canadian dollar also dropped Tuesday after Trump’s remarks.

What else has Trump said about international trade? Trump has proposed creating a new agency called the External Revenue Service to collect tariffs and other income from foreign countries. In an executive order signed Monday, Trump directed leaders at the departments of Treasury, Commerce, and Homeland Security to study whether creating such an agency would be feasible. Only Congress has the authority to create a new agency.

Dig deeper: Read Josh Schumacher’s report about the Senate Finance Committee probing Trump’s Treasury nominee.