In Mexico Looting erupts amid protests over gas price hike

In Mexico Looting erupts amid protests over gas price hike

On Tuesday, the peso was rocked by Ford Motor Co.'s decision to cancel a planned $1.6 billion investment in central Mexico, while fears over inflation have been stirred by a major fuel price hike that took effect on January 1 - which President Enrique Pena Nieto on Wednesday defended.

04 de enero de 2017, 16:55Mexico, Jan 4 (Prensa Latina) Luis Videgaray will today take on the post of Mexican Foreign Minister (SER) according to an announcement by President Enrique Peña Nieto.

Equally, the new minister will "promote the interests of Mexico and the dignity of Mexicans".

No reason was given for Videgaray's departure at the time, but Peña Nieto saw backlash for meeting with Trump. Peña Nieto said that regarding ties with Donald Trump's administration that Mexico would defend and respect the rights of United States citizens as well as care for and protect them.

The U.S. president-elect has repeatedly promised to end or renegotiate the North American Free Trade Agreement, which has made Mexico an export powerhouse.

Many Mexicans felt Pena Nieto was not forceful enough in denouncing Trump's comments during the meeting and instead gave a pre-election boost to a man widely loathed in Mexico.

Videgaray, a former investment banker, has worked for Pena Nieto since the president first became a governor of the state of Mexico in 2005.

Senior diplomats have said that Videgaray was instrumental in arranging Trump's late-August visit, in which the government had hoped to impress upon him the need to moderate his tone and reconsider his more divisive campaign proposals.

"The real challenge is to find the least painful way to get along with him, and I don't think there is anyone better to try to do that in these hard moments than Luis Videgaray".

He led Mexico's Treasury Department and was sometimes referred to as treasury secretary or minister, but because he oversaw budgets and fiscal policies, his role was closer to that of a finance secretary.

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