“If Mexico is unwilling to pay for the badly needed wall, then it would be better to cancel the upcoming meeting,” President Donald Trump tweeted Thursday morning.
And just hours later, Trump’s press secretary announced that the president was considering a 20 percent border tax on Mexican goods crossing the border.
These simple words had a direct effect on the Mexican currency, the peso, which began falling sharply in comparison with the U.S. dollar.
It fell as much as 1.4%, a significant decline in just a few hours. It recovered some of its losses, but remained down by more than 1%.
One peso is currently worth less than 5 cents.