Election candidates in Puebla, Oaxaca gunned down and killed

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June 2, 2018

Maldonado, left, and Terán: assassination victims.

Gunmen shot and killed two July 1 election candidates and three other people early this morning in separate incidents in Puebla and Oaxaca.

The Green Party candidate for the district of Huauchinango in the Puebla state Congress and a municipal councilor from Juan Galindo were attacked near Cacahuatlán, Zihuateutla.

Candidate Juana Iraís Maldonado was riding in a vehicle with Erika Cázares when armed civilians opened fire, killing both.

In Oaxaca, a candidate for municipal council in Juchitán, her driver and a photographer were attacked by gunmen after they left a bar in the city center.

Pamela Terán Pineda was running for relection as an Institutional Revolutionary Party candidate for council.

The news agency Quadratín reported that Terán was the daughter of Juan Terán, the presumed leader of the Juchitán Cartel, who was arrested last year.

More than 100 candidates have been assassinated since the election period began last September.

Source: El Financiero (sp), El Universal (sp)

Two separate trade agreements could replace NAFTA: Trump

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MND Staff

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June 2, 2018

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United States President Donald Trump has suggested that the North American Free Trade Agreement (NAFTA) could be replaced with two separate trade accords, one with Mexico and another with Canada.

“To be honest with you, I wouldn’t mind seeing NAFTA where you go by a different name, where you make a separate deal with Canada and a separate deal with Mexico. Because you’re talking about a very different two countries,” Trump told reporters at the White House yesterday.

The U.S. president also reiterated his opinion that the trilateral trade pact has been “a lousy deal” for the United States since its introduction in 1994.

“We lose a lot of money with Canada and we lose a fortune with Mexico and it’s not going to happen like that anymore,” he said.

“Mexico has taken our car companies, a big percentage of them, and we can’t do that. . . I want fair trade, I like free trade, but I want fair trade, at a minimum I want fair trade,” Trump added.

Asked by a reporter about what he says to close United States allies who have complained about the introduction of the new metal tariffs, the U.S. president returned to his often-repeated view that the United States has been the victim of unfair trade deals.

“They’re our allies but they take advantage of us economically . . . I love Canada, I love Mexico, I love them. But Mexico’s making over [US] $100 billion a year and they’re not helping us with our border because they have strong laws and we have horrible laws,” he said, overstating the size of the deficit by around US $30 billion.

“They could solve our border problem if they wanted but they don’t want to and when they want to, then I’ll be happy. But I think we have a good chance of doing some great trade deals that will make America great again, right?”

Mexican President Enrique Peña Nieto and Canadian Prime Minister Justin Trudeau renewed their commitment to reaching a NAFTA deal this week, although they also condemned the move to impose duties of 25% on steel and 10% on aluminum.

In response, both countries announced reciprocal tariffs on a range of United States imports.

The products selected by Mexico — including steel flats, pork legs and shoulders and a range of fruits and cheeses — were chosen specifically to affect exporters in states that are politically important to Trump.

The Mexican Council on Foreign Relations (Comexi) said that targeting could have domestic ramifications for Trump that may cause him to reconsider the introduction of the metal tariffs.

“We could see a political mobilization from President Trump’s electoral base to warn him that the effects could be very damaging and that they could even cost him at the [midterm] elections in November,” the organization said in a statement.

The tariff tit-for-tat has further complicated a difficult and drawn-out NAFTA renegotiation process that has failed to reach resolution despite repeated claims from leaders and trade officials that progress is being made and a deal is not far off.

Trump’s latest remarks will create even more uncertainty about the future of the 24-year-old pact.

Earlier yesterday, the U.S. president also took aim at the United States’ northern neighbor on Twitter.

“Canada has treated our Agricultural business and Farmers very poorly for a very long period of time. Highly restrictive on Trade! They must open their markets and take down their trade barriers! They report a really high surplus on trade with us. Do Timber & Lumber in U.S.?” he wrote.

Trudeau has been highly critical of the introduction of the new tariffs this week, describing them as “totally unacceptable” and challenging the grounds on which they were imposed.

“The idea that we are somehow a national security threat to the United States is quite frankly insulting and unacceptable,” he said yesterday.

Mexico said Thursday that the basis on which the tariffs were imposed is “not appropriate or justified.”

Juan Pablo Castañón, president of Mexico’s Business Coordinating Council, said yesterday that the tariff dispute has placed NAFTA negotiations “in serious difficulties” but added that it still may be possible to reach an updated deal before the U.S. midterm elections.

Comexi agreed that the tariff announcement this week didn’t help the renegotiation process, describing the atmosphere it created as “not the best” for constructive dialogue.

Source: Milenio (sp)

Theft proves to be a challenge for China bike-sharing company Mobike

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MND Staff

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June 1, 2018

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Mobike's bicycles are being targeted by thieves.

Just three months after it started a pilot program in Mexico City, the Chinese-owned bicycle-sharing company Mobike has hit a hurdle: bicycle theft.

The problem has escalated to such an extent that dozens of the scheme’s users have taken to social media in recent days to complain about the lack of available bicycles.

“It’s a situation that unfortunately afflicts our city,” Mobike’s government relations director Armando Reyes told Forbes México, referring more broadly to theft in the capital.

Reyes added that the company has filed official complaints that have led to around 10 arrests, while authorities have been helping Mobike to recover its missing bicycles. However, he declined to say how many have been stolen.

The scheme was introduced in the Miguel Hidalgo borough in mid-February with 500 bikes made available in the upmarket business and residential district of Polanco while Mobike waited for approval to expand to other parts of the city.

The company’s Mexico director, Rene Ojeda, told the news agency Reuters that subscriptions for the service have grown by 70% per week in the short period it has been operating, placing additional pressure on the number of bikes available.

But an investigation by Reuters found that more than 10% of the available bikes are permanently out-of-action — at least for legitimate users.

Using Mobike’s mobile app, the news agency said that it located 60 of the GPS-equipped bikes in the Mexico City neighborhood of Tepito, which is infamous for crime and its street markets where all manner of pirated and illegal goods are available.

Ojeda said that some Mobike users ride the bikes to work and later leave them in the Barrio Bravo (tough neighborhood), which is located outside its operating area just north of Mexico City’s historic center.

But by reviewing the app at various times over the course of this week, Reuters determined that none of the Mobikes in Tepito ever left the neighborhood.

A local resident said that thieves are “using the bikes to move drugs.” Two other residents confirmed that to be the case.

Mobike didn’t respond to the allegations but Reyes said the company is taking “strong actions” to stop its users taking the bikes outside of the Polanco area.

Users can now be fined 49 pesos (US $2.45) for leaving the authorized area designated by the app, an amount that is equivalent to the service’s monthly subscription fee. The bikes are fitted with an alarm that alerts the company when a bike has left its operating zone.

Further sanctions, such as completely banning repeat offenders, are being considered, Reyes said.

Meanwhile, some users say that they are considering switching to one of Mobike’s Mexican competitors given the difficulty of finding an available bike.

EcoBici— a Mexico City government scheme that covers a much larger part of the city — has 6,500 bikes and 260,000 users, while privately-owned VBike operates with around 2,000 units.

One disgruntled former Mobike user told Reuters he has already made the switch. “Mobike was a good option for me since I work in the area”, Fernando Galicia said.

“But I’ve gone to EcoBici, and not because it’s cheaper, but because they always have bikes.”

Source: Forbes México (sp), Reuters (en)

Mexico’s safest state? Chiapas, security watchdog says

By

César Hernández

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June 1, 2018

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High-impact crime, first quarter of this year. Green is best, dark red is worst and yellow is in between.

Chiapas has edged out Yucatán to become Mexico’s safest state, according to Semáforo Delictivo, a citizens’ security watchdog.

The organization’s ranking system is based on an analysis of each state’s crime rates compared to national and historic averages and assigns them a color — green, yellow or red. Green signifies that rates are within the objectives or that security strategies are functioning while red means rates are worse than the average and strategies are not functioning. Yellow is somewhere in between the two.

Chiapas was one of three states — the others were Yucatán and Durango — that did not have any red indicators in the latest quarterly ranking.

The report gave the state green indicators in homicide, kidnapping, extortion, low-scale drug trafficking, vehicle theft, home and business robbery, assault and femicide.

It was the first time Chiapas has been ranked as Mexico’s safest state, beating out Yucatán.

For three high-impact crimes — vehicle theft and home and business robbery — Chiapas ranked substantially below the national average.

Chiapas’ homicide rate was 2.6 per 100,000 inhabitants, well below the national average of 5.3. Colima, on the other hand, was the worst at 21.3 per 100,000.

Semáforo Delictivo indicators showed that Guerrero, Colima, Baja California, Baja California Sur, Zacatecas and Veracruz were the states with the highest incidence of high-impact crimes.

The data coincides with other recent reports by non-governmental and official agencies including Observatorio Nacional Ciudadano, INEGI, the Executive Secretariat of the National Public Security System and the Institute for Economy and Peace.

Source: El Heraldo de Chiapas (sp), La Razón (sp)

NAFTA on the ropes? Not exactly but the outlook is not good

By

MND Staff

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June 1, 2018

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Castañón: difficulties for NAFTA. — Castañón: 'serious difficulties' for NAFTA.

The United States’ announcement yesterday of new metal tariffs on key trade partners Mexico and Canada didn’t deliver a knockout blow to an updated trade agreement but it certainly made negotiations more complicated than they were.

Mexican President Enrique Peña Nieto and Canadian Prime Minister Justin Trudeau condemned the move to impose duties of 25% on steel and 10% on aluminum, but both also renewed their commitment to what the Canadian Press described as “the bare-knuckled NAFTA renegotiation” process.

The importance of the North American Free Trade Agreement to both countries meant that they couldn’t afford to be deterred despite heavy-handed tactics by the U.S., the news agency said.

Peña Nieto’s office issued a statement to say that the president held a telephone conversation with his Canadian counterpart yesterday, during which the two leaders expressed their disappointment with the tariff decision and discussed retaliatory measures. But they also reiterated their commitment to achieving a successful modernization of NAFTA.

Trudeau’s office released a similar statement affirming that the leaders “agreed to continue working toward a mutually beneficial [NAFTA] outcome.”

But United States President Donald Trump doesn’t appear to be on the same page.

U.S. Commerce Secretary Wilbur Ross said the decision to impose the tariffs was based on a lack of progress in NAFTA talks, although he added that neither the U.S. measures nor Mexico and Canada’s retaliatory measures would affect the ability to continue negotiating a new trilateral treaty.

The president of Mexico’s influential Business Coordinating Council (CCE) has a different view.

In a television interview, Juan Pablo Castañón said Trump’s decision to impose new protectionist measures on its North American trade partners and the consequent imposition of tit-for-tat tariffs have placed NAFTA negotiations “in serious difficulties.”

In Canada, Jean Simard, president of the Canadian Aluminum Association, advocated terminating negotiations altogether, saying “it’s hard to imagine how you negotiate with a knife to your throat.”

Castañón added that he supported the government’s decision to impose reciprocal measures because Mexico “cannot remain silent in the face of this kind of attack” considering that the two countries are trade partners and in the middle of a negotiation process.

He didn’t rule out Mexico modifying the list of United States products that will be subject to tariffs but clarified that any such move would only come in response to U.S. aggression because Mexico’s strategy is to respond rather than strike first.

The business leader charged it would be “very difficult” to reach a new agreement before the July 1 elections but said it may be possible to do so between then and the United States midterm elections in November.

However, leading American trade lawyer Dan Ujczo said the window for serious NAFTA negotiations has closed for 2018 due to the electoral processes in both countries.

Mexico’s central bank is also pessimistic about reaching a new NAFTA deal this year, warning that talks could drag on until 2019 and consequently impact “even more” on investment and public and private spending.

That assessment, gleaned from the minutes of a Bank of México meeting held before the new tariffs were announced, acknowledged that talks have continued to stall despite repeated indications from leaders and officials in all three NAFTA countries that a deal was close.

A proposed meeting between Trump, Trudeau and Peña Nieto this week that could have potentially led to the signing of an agreement in principle was cancelled because the United States insisted that the Canadian prime minister first agree to a so-called sunset clause.

Trudeau told reporters yesterday that he thought the three countries were “quite close to reaching an agreement and perhaps the time had come” for the three leaders to sit down in Washington to finalize the NAFTA deal.

“We already had the bones of a very good agreement for all parties, and I thought it might be opportune for all of us to sit down for a few hours and discuss it,” the prime minister said, adding that Trump appeared to like the idea.

But Trudeau said he received a call from U.S. Vice-President Mike Pence Tuesday saying that the White House was happy to host the proposed summit but only on the condition that Trudeau — and presumably Peña Nieto — agreed to the provision that would see NAFTA automatically terminated after a five-year period if the three countries didn’t negotiate to renew it.

Trudeau said he had answered that “unfortunately, if that was a precondition to our visit, I was unable to accept.”

The sunset clause is one of a range of issues on which the three countries have been unable to reach a consensus.

Others include rules of origin and wages in the automotive sector, access to government procurement markets and a United States proposal to eliminate settlement dispute panels.

The Bank of México said the value of the peso against the US dollar is one of the variables that will suffer the most amid the continuing uncertainty surrounding the deal and that inflationary pressure could follow.

Some analysts said last month that the Mexican peso could trade at up to 22 to the US dollar before the presidential election.

Source: Milenio (sp), The Canadian Press (en), El Financiero (sp), El Sol del Centro (sp)

Federal Attorney General to investigate Nuevo Laredo disappearances

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César Hernández

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June 1, 2018

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Human rights committee poster asks the navy, 'Where did you leave our family members?'

The federal Attorney General’s office (PGR) has announced it will investigate the 23 forced disappearances in Tamaulipas that were revealed by a United Nations report.

But 16 may already have been located — in hidden graves.

The PGR’s announcement came the day after the UN High Commissioner for Human Rights said it had documented the disappearance of 21 men and two women in Nuevo Laredo from February until May 16, and that there were “strong indications” that federal forces were responsible.

Yesterday, a local human rights group that claims there are more than just 23 people missing said the bodies of 16 people had been found in secret graves. The bodies showed signs of violence and each had a bullet wound in the head, said Raymundo Ramos, president of the Nuevo Laredo Human Rights Committee.

Ramos said his organization has documented 57 cases of people who have disappeared.

He said the search for more bodies will continue but with caution. Relatives of the disappeared have received threats after reporting the cases to authorities, Ramos said.

As part of the investigation, federal human rights specialists will travel to Nuevo Laredo to interview the relatives of the missing.

Family members have been protesting the disappearances in Nuevo Laredo in recent weeks, charging that authorities have done little to help find their loved ones. One protest closed a truck crossing on the border on May 21.

Source: Milenio (sp)

Gunmen assassinate Guerrero municipal candidate

By

César Hernández

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June 1, 2018

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A young candidate for municipal office in Guerrero is the latest assassination victim in the current election season.

Rodrigo Salgado Agatón, 23, who was running for municipal council in San Marcos, was shot and killed yesterday in Acapulco.

The Institutional revolutionary Party (PRI) candidate was riding in a vehicle with campaign workers near the town of Plan de los Amates when they were attacked by armed civilians.

Salgado was the only person hit in the attack from the moving vehicle. He was rushed to a nearby clinic but died soon after.

Salgado was also regional coordinator for the senatorial campaign of Manuel Añorve Baños, former mayor of Acapulco.

The risk analysis firm Etellekt says there have been 177 attacks on politicians since the beginning of the electoral process in September. Of those, 103 have been fatal.

The process concludes in one month’s time when an estimated 89 million people will go to the polls to vote not only for president, but for state and federal deputies, senators and nine governors, along with municipal authorities. More than 3,400 positions are up for election.

Source: Infobae (sp)

Steelmakers estimate tariffs will cost US $2 billion annually

By

MND Staff

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June 1, 2018

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A coker plant operated by steelmaker Altos Hornos de México.

Mexican steelmakers estimate that the United States’ steel tariff will cost the domestic industry US $2 billion annually, and urged the government to take urgent reciprocal action.

The Mexican Iron and Steel Industry Chamber (Canacero) also expressed its “concern and disappointment” with the United States government’s decision to apply the 25% tariff, which it said made no sense and didn’t contribute to a constructive climate in the North American region.

Imposing equal measures on all U.S. steel “will harm more than benefit the United States industry” because the United States’ surplus with Mexico in the steel sector over the past two years is US $3.6 billion, the industry group said in a statement.

Canacero said the measures taken must apply “without exceptions” to the same products that the United States has imposed tariffs on and be set at the same rate.

“A lesser decision would be unacceptable,” the statement said.

Canacero challenged the justification for the tariffs, saying “Mexico does not represent, in any sense, a threat to the national security of the United States.”

It also called on the government to continue to seek an exemption from the tariff, citing Argentina, Brazil and South Korea as countries that have managed to reach agreements with the U.S. that have allowed them to avoid the hefty steel duty.

The chamber stressed that the steel market in North America is completely integrated and pointed out that 76% of United States exports of the metal go to Mexico and Canada.

To further protect the Mexican steel industry, Canacero said, the government must “stop the avalanche of steel imports” by imposing a 25% tariff on steel from countries that Mexico doesn’t have a trade agreement with and establishing quotas for nations that have signed a pact with Mexico.

“The Mexican government must be prepared to adopt appropriate and immediate measures . . . in order to avoid this problem resulting in the closure of companies and the loss of tens of thousands of jobs,” the statement concluded.

After the United States tariffs became known yesterday, Mexico struck back swiftly by announcing that it would “impose equivalent measures” on U.S. imports to Mexico including steel flats and pork.

The plan to tax the latter product rattled meat markets in the United States yesterday, causing meat producers’ shares to tumble and hog futures to slump.

News agency Bloomberg said that about 22% of U.S. pork is exported and Mexico is the largest customer by volume.

During times of record production of hams, Mexico has been a key importer and helped to support the value of pigs in the United States.

Dan Halstrom, the CEO of the U.S. Meat Export Federation, told Bloomberg in an emailed statement that “it is especially frustrating to see U.S. pork caught up in a dispute that has nothing whatsoever to do with pork trade.”

“If these [pork] tariffs are implemented, they will negatively impact millions of consumers and thousands of people in the meat and livestock industries on both sides of the border.”

The United States steel and aluminum tariffs, which also apply to Canada and the European Union (EU) starting today, were condemned by Canadian Prime Minister Justin Trudeau who called them “totally unacceptable,” while the leaders of Germany and France, Angela Merkel and Emmanuel Macron, both labelled the tariffs “illegal.”

Mexico Economy Secretary Ildefonso Guajardo described them as “completely incomprehensible.”

The four presidential candidates also weighed in on the protectionist measures.

Frontrunner Andrés Manuel López Obrador called on the Mexican government to respond firmly to the U.S. decision but warned against engaging in a trade war. He also said the government must try to reason with U.S. President Donald Trump.

Speaking at a Morena party rally in Guanajuato, the third-time candidate said the United States’ move served as a wake-up call for Mexico to diversify its trade relationships, strengthen its internal market and not depend solely on trade with its northern neighbor.

Second-placed Ricardo Anaya, who trails López Obrador by 26 points in a recent Reforma poll, also said that Mexico needs to diversify its export markets, adding that it should turn to international multilateral organizations to resolve trade disputes with other countries.

He described the tariff as serious for the Mexican economy but said that if “we act intelligently and strategically, Mexican can [still] achieve a good NAFTA deal.”

Placing reciprocal tariffs on United States products in order to place pressure on the U.S. government could be part of reaching that deal, Anaya said.

Ruling party candidate José Antonio Meade said in a Twitter message that “Mexico won’t be played around with,” adding that the future of the region depended on respect, trade and understanding.

“. . . We will defend our jobs, our markets and our workers. Today and always,” Meade tweeted.

At an event in Nayarit, he described the government’s response as “clear and forceful.”

Independent candidate Jaime “El Bronco” Rodríguez said there was no need to be afraid about the United States’ decision and that Mexico must respond in the same way.

“. . . Every president should defend his country and here President Peña Nieto should have the support of all Mexicans in that sense . . .” he said.

Source: Milenio (sp), El Financiero (sp), Forbes (sp), Bloomberg (en), La Jornada (sp), Noticieros Televisa (sp)

Hot enough? Heat wave triggers emergency declarations in 22 states

By

MND Staff

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May 31, 2018

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A youngster enjoys the fountains at the Monument to the Revolution in Mexico City. xinhua

Temperatures have been soaring this week in Mexico, reaching as high as 47 C in two locations, and the heat wave continued across much of the country today.

The mercury hit 47 in Metztitlán, Hidalgo, and Huites, Sinaloa, yesterday, according to the National Meteorological Service (SMN), while it was 45 degrees or above in locations in Chihuahua, Michoacán, Guerrero and Jalisco.

Some relief may soon be on the way to some areas in the states of Chiapas, Oaxaca, Veracruz, Tabasco, Campeche, Yucatán and Quintana Roo, where the SMN has forecast electrical storms.

Yesterday’s heat wave led federal Civil Protection authorities to declare extraordinary emergency situations in 329 municipalities in 13 different states. The measure was later extended to include 573 municipalities in 22 states.

In Mexico City, where temperatures reached 31 yesterday, residents attempted to combat the heat in a variety of ways.

Shorts and miniskirts were the favored attire for many women, while businessmen and office workers rolled up their sleeves and removed their ties to seek relief.

Some capitalinos choose to visit one of the city’s hundreds of cantinas to quench their thirst and cool down — with mixed results.

“Not even a beer is enough to quell the heat,” 65-year-old pensioner Luis González told the newspaper El Universal as he fanned himself and mopped sweat from his brow with a handkerchief after he had downed a dark ale.

“The beer made me even thirstier, my mouth feels dry and my saliva’s heavy. That’s why I decided to order water, I hope that this will get rid of it [the heat],” he added, holding up his glass.

Other patrons are trying their luck with mojitos, a barman at another cantina said, explaining that along with beer it is the most popular beverage when the mercury starts to climb.

Yesterday's hot spots. — Yesterday’s hot spots.

Saúl López told El Universal that the number of customers has risen in recent days, seemingly indicating that many still believe drinking alcoholic beverages is a tried and tested remedy for the heat.

For children — and the young at heart — the fountains at the Monument to the Revolution or in the Alameda Central Park have been popular all week, with kids quick to remove their shoes and douse themselves — often fully-clothed — in the spurts of water.

For others, dealing with the heat hasn’t been quite so much fun.

In the city’s crowded subway system — where conditions can be uncomfortable even in times of more moderate weather —temperatures reached as high as 38 yesterday.

Commuters tried to cope as best they could by moving as close as possible to one of the ceiling fans in the carriages or buying a frozen paleta (popsicle). One man compared entering a train to going into a steam room.

His daughter Esperanza said “there’s nowhere to hide, it’s really hot and even though they put the fans on, it’s impossible to feel them . . .”

Source: El Universal (sp), Informador (sp), El Sol de México (sp)

Tariffs ‘incomprehensible,’ says economy secretary as trade war threatens

By

Tony Richards

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May 31, 2018

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US pork among products that will be affected by Mexican tariffs.

“It’s a sad day for international trade,” said the economy secretary today, describing the United States’ announcement of metal tariffs against its trade partners as “completely incomprehensible.”

Ildefonso Guajardo pointed out in an interview today that Mexico actually buys more U.S. steel than it exports to that country.

Although the U.S. has said the tariffs are being applied for national security reasons, the economy secretary argued that steel and aluminum are integral supplies in highly integrated strategic sectors of the North American economy, such as the automotive, aerospace, electric and electronic industries.

The tariffs on steel and aluminum imports from Mexico, Canada and the European Union (EU), which had been granted a temporary exemption after they were announced two months ago, have now sparked fears of a full-scale trade war.

This morning, Mexico announced tariffs on U.S. goods in retaliation while the EU promised to do the same. European commission president Jean-Claude Juncker described the tariffs as “unjustified,” and said it would hit back with its own tariffs and take the issue to the World Trade Organization.

“This is protectionism, pure and simple,” he said.

The United Kingdom’s trade secretary said the tariffs were “patently absurd.”

In Canada, Prime Minister Justin Trudeau, who discussed the issue today with President Enrique Peña Nieto, announced tariffs of up to 25% on U.S. imports worth up to US $12.8 billion, the value of Canadian steel exports to the U.S. last year.

In Mexico, the economy secretary said care has been taken to impose retaliatory tariffs that will have an impact on regions of the U.S. with strong political influence. “They are products that have implications in some districts where there are important Representatives and Senators who have warned the Trump administration to be careful in its decision making . . . .” Guajardo said.

Among them are apples, pork bellies and flat steel.

His cabinet colleague Luis Videgaray, the secretary of foreign affairs, said Mexico “has its limits” but its position on various themes in which it cooperates with the U.S. will not change because of “offensive rhetoric or unjustified measures” such as the tariffs.

Nor will trade talks be affected, although Guajardo recognized there will be more tension at the table. Renegotiating the North American Free Trade Agreement will continue, he said, but he did not expect an agreement to be finalized before the July 1 presidential election. Last week he predicted there was a 40% chance of doing so.

One effect of today’s developments was further pressure on the peso, which fell to its weakest level in 15 months. The interbank rate dropped 0.93% to 19.91 pesos to the dollar, while banks were selling pesos for as much as 20.35 to the dollar.

The peso has dropped 6.4% in May, the biggest monthly decline since November 2016 after Donald Trump won the U.S. presidential election.

Source: The Guardian (en), Milenio (sp), Reforma (sp)

CORRECTION: The photo that originally appeared with this story showed not pork but beef steaks. The photo editor, by no means a vegetarian, regrets the error.