Mexican Finance Minister Luis Videgaray has reportedly resigned after helping to arrange Donald TrumpDonald TrumpTrump wrongly corrects Marine on veteran suicide statistic DC-area team prevents soccer star from kneeling during national anthem 5 takeaways from Trump and Clinton’s military forum MORE’s visit to Mexico last week.
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The greenback traded at 18.29 pesos late Tuesday in NY.
Meade assumed the position on Wednesday following criticism of Pena Nieto and Videgaray over a controversial visit by US presidential candidate Donald Trump to Mexico.
It was Videgaray’s idea to invite Mr. Trump, according to several Mexican news media reports, though Nieto later claimed it was his own.
Pena Nieto was widely pilloried for hosting Trump at short notice last Wednesday after the NY businessman had underpinned much of his campaign on building a border wall that he said Mexico would pay for to stem illegal immigration. Pena Nieto said, speaking directly to Videgaray.
Trump on many occasions throughout his presidential campaign criticized Mexican migrants, describing them as criminals and rapists. Meade held the position of finance minister in 2011 and in 2012. His foreign policy proposals also include building a wall on the southern border, which he has promised Mexico will pay for. Two people familiar with the matter said that Videgaray will be replaced by Jose Antonio Meade, a former finance minister.
Meade must also “give priority to investment projects and social programs that have been most effective in fighting poverty”, said the president.
Polls show the main hopefuls for 2018 face a tough battle, with Osorio Chong leading prospective PRI contenders. Pena Nieto ordered an inquiry, which cleared both of any wrongdoing.
Mexico’s economy contracted in the second quarter for the first time in three years.
The economy has consistently underperformed expectations during Videgaray’s tenure.
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Videgaray, who has also been rumored as a potential 2017 gubernatorial candidate for the PRI in the state of Mexico, a populous region next to the capital, will not take another public post, a finance ministry spokeswoman said.
