Ford announced on Tuesday he has canceedl its plans to build a new plant in Mexico and will instead invest $700 million in Michigan — creating 700 new jobs here in the United States. The Mexican currency slumped nearly 1 percent following the news. For the Mexican government it’s a “much-needed wake-up call,” said one Mexico analyst.
From Fox News:
Ford Motor Company’s cancellation of plans to build a $1.6 billion auto manufacturing plant in San Luis Potosi has sounded alarms throughout Mexico.
Even as the country is being rocked by rowdy nationwide protests against a Jan. 1 gasoline price hike, the Ford news led the front pages of Mexico’s most influential newspapers on Wednesday, and they tied the development directly to President-elect Donald Trump.
“Trump leaves Mexico without 3,600 jobs,” read the headline on El Universal. “Ford’s braking jolts the peso,” said Reforma, referring to the Mexican currency’s nearly 1 percent slump following the news.
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