After Mexico’s President Enrique Peña Nieto announced his refusal to meet with President Dobald Trump Thursday, the Mexican peso plummeted.
This is on top of Peña Nieto’s other woes — including a 20% hike in his country’s gasoline prices and an approval rating of 12%.
The peso was down by 1.2% at 21.3175 per dollar as of 11:57 a.m. ET, according to Business Insider, dropping from a high of 20.9358 per dollar about three hours earlier.
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On Thursday Trump tweeted his reasoning for having Mexico pay for a wall at the southern U.S. border.
The U.S. has a 60 billion dollar trade deficit with Mexico. It has been a one-sided deal from the beginning of NAFTA with massive numbers…
— Donald J. Trump (@realDonaldTrump) January 26, 2017
of jobs and companies lost. If Mexico is unwilling to pay for the badly needed wall, then it would be better to cancel the upcoming meeting.
— Donald J. Trump (@realDonaldTrump) January 26, 2017
Peña Nieto responded with a tweet of his own, calling off the meeting that was to be scheduled for next week.
“This morning we have informed the White House that I will not attend the meeting scheduled for next Tuesday with the @POTUS,” his tweet said, according to an online translation.
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Twitter had no sympathy:
Mexican Peso Nosedives After President Trump’s Message – “If Mexico is unwilling to pay for the badly needed wa… https://t.co/amfAZRsDX6
— Townhall.com (@townhallcom) January 27, 2017
@townhallcom lol they always had bad money! Pay up we have been footing the bill for your people for years! Your turn to take care of yours
— Lola Verita (@lola_verita) January 27, 2017
Awwwww……
Mexican Peso tumbles in value after douchebag President tries to act like tough guy.
Source: https://t.co/JGbBpmF8vi
— Mark Romano (@TheMarkRomano) January 26, 2017
Dear President Nieto
Mexico just started paying for #TrumpsWall
????
?? 10 Feet Taller ??https://t.co/GRZfsqaStQ@realDonaldTrump #MAGA
— Boca Vista (@bocavista2016) January 26, 2017
@AnthonyEinzig @_redhaze_ @themoneygame @EPN playing poker/chess with wrong @POTUS but it’s fun watching ?
— ✭Serafinos✭? (@Serafinos) January 26, 2017
Trump told ABC’s David Muir in an interview this week that construction on the wall could commence within months.
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