From Wikipedia: “The Banco de México was created on August 25, 1925, under the direction of Minister of Finance Alberto J. Pani with an official ceremony given on September 1, 1925. It was given exclusive authority to mint coins and print banknotes, a sharp departure from policies of the past. The bank was also given responsibility over exchange rates, interest rates, and monetary regulation.”
From the English-language section of the Banco de Mexico website: “Banco de México was inaugurated during a solemn ceremony on September 1, 1925. The act was presided over by President Plutarco Elías Calles and attended by renowned people from the fields of politics, finance and business.”
According to Forbes, the world’s most powerful woman is Ursula von der Leyen, first female President of the European Commission, the executive branch of the European Union.
The second-most powerful woman on the list is Christine Lagarde, first female President of the European Central Bank.
Sanae Takaichi, the first female prime minister of Japan, is #3 in the list. Giorgia Meloni, the first female prime minister of Italy, is #4.
Claudia Sheinbaum is #5 on the Forbes list.
Here’s what Forbes says about her: “Claudia Sheinbaum made history when she was elected Mexico’s first female president in a landslide victory in June 2024. Her swearing-in that October was met with cheers of ‘Presidenta.’ ”
“Born to a Jewish family in Mexico City, Sheinbaum is also the first Jewish president of her country.”
“From 2018 until 2023, Sheinbaum served as Mayor of Mexico City. One of her accomplishments was introducing a new ‘cablebus’ system that improved citywide commuting.”
“An accomplished scientist with a Ph.D. in energy engineering, she is among the scientists and policymakers who share the 2007 Nobel Peace Prize for participation on a United Nations climate science panel.”
Following a proposal of President Claudia Sheinbaum, both houses of the Mexican Congress have voted to put tariffs on China and other countries, mostly China.
From Bloomberg: “Mexican lawmakers gave final approval for new tariffs on Asian imports, broadly aligning with US efforts to tighten trade barriers against China, as President Claudia Sheinbaum seeks to protect local industry.”
“Mexico’s Senate on Wednesday [December 10th] voted in favor of the bill that imposes tariffs of between 5% and 50% on more than 1,400 products from Asian nations that don’t have a trade deal with Mexico. The bill passed with 76 votes in favor, five against and 35 abstentions.”
“The new levies will take effect starting next year and hit a wide range of products from clothing to metals and auto parts, with the massive output of Chinese factories emerging as the legislation’s focus.”
So what does this have to do with Trump’s trade relations with Mexico ?
“Passage of the bill took place against the backdrop of Sheinbaum’s high-stakes trade talks with President Donald Trump and pressure to match his priorities, fueling hopes Mexico’s levies on Chinese goods could ease punishing US tariffs on goods like Mexican steel and aluminum.”
“While Sheinbaum has publicly denied any connection to Trump’s own tariff onslaught against the Asian giant, the new import levies resemble the US leader’s approach.”
According to the Economic Times, “Mexico’s Senate approved on Wednesday tariff hikes of up to 50% next year on imports from China and several other Asian countries, aiming to bolster local industry despite opposition from business groups and affected governments. The proposal, passed earlier by the lower house, will raise or impose new duties of up to 50% from 2026 on certain goods such as autos, auto parts, textiles, clothing, plastics and steel from countries without trade deals with Mexico, including China, India, South Korea, Thailand and Indonesia. The majority of products will see tariffs of up to 35%.”
And, “Analysts and the private sector argue the move is aimed at appeasing the U.S. ahead of the next review of the United States-Mexico-Canada trade agreement (USMCA), and say it is also intended to generate $3.76 billion in additional revenue next year as Mexico seeks to reduce its fiscal deficit.”
The Economic Times quoted Senator Mario Vazquez of the opposition PAN party, “On the one hand, it protects certain local productive sectors that are at a disadvantage with respect to Chinese products. It also protects jobs. But, on the other hand, (…) the tariff is an additional tax that citizens pay when they buy a product. And these are resources that go to the state. We would need to know what they are going to be used for. Hopefully, production chains in the country will be strengthened.”
Until December 5th, Mexican President Claudia Sheinbaum and U.S. President Donald Trump had never met in person, though they had conversed by telephone.
On December 5th, 2025, the two met in person for the first time.
The occasion was the draw for the upcoming World Cup, to be held next year in the U.S., Canada and Mexico.
There are to be 48 national teams competing in the 2026 World Cup. In the first round, they begin by playing within twelve groups of four teams. The purpose of the drawing is to organize those groups of four.
U.S. President Donald Trump, Mexican President Claudia Sheinbaum, and Canadian Prime Minister Mark Carney met at the Kennedy Center in Washington, D.C. for the draw. Trump and Carney had met, and Sheinbaum and Carney had met, but for the first time they were all 3 together, and for the first time Sheinbaum and Trump met in person.
From Reuters: “U.S. President Donald Trump met with the leaders of Mexico and Canada to discuss trade issues on Friday [December 5th] after the leaders hosted the 2026 World Cup draw at Washington’s storied Kennedy Center.”
“The White House said Trump held talks with Canadian Prime Minister Mark Carney and Mexican President Claudia Sheinbaum after the star-studded event, but gave no details on their discussions. Canadian media said the meeting lasted for 45 minutes and the leaders spoke on their own, with no staff present.”
Wouldn’t you have liked to have been a fly on that wall?
And this from the Associated Press: “President Donald Trump has finally met with his Mexican counterpart, Claudia Sheinbaum. Their long-delayed first face-to-face discussion focused on next year’s World Cup — and included side discussions about trade and tariffs — but immigration was not the top issue. That’s despite Trump’s push to crack down on the U.S.-Mexico border being a centerpiece of his administration, and the driving force in the relations between both countries.”
It’s not “despite” Trump’s push to crack down on the border, it’s because of his successful push to crack down on the border. It’s no longer a major issue between the U.S. and Mexico.
Tariffs and drug cartels, well, that’s another story.
Click here for a short video of Claudia’s trip to Washington.
For seven consecutive months, remittances to Mexico have decreased.
Remittances are funds sent by people from Country A working in Country B. It’s sent back to families in Country A. Many countries have grown to depend on remittances.
In the case of remittances going to Mexico, most of those funds are from Mexicans working in the United States.
From Reuters: “Remittances to Mexico declined 1.7% from a year earlier in October, the nation’s central bank said on Monday [December 1st], totaling $5.64 billion.”
“October marked the seventh straight month of year-on-year declines in the remittances the country receives, contrasting with sharp increases reported for Central American countries in 2025.”
So Mexico’s remittances are decreasing but Central American remittances are increasing.
“The total number of remittances in the month declined 5.4%, while the average value of each payment sent edged up 4.0% compared to the same month last year, the central bank added in a report.”
“The amount for October resulted from the accumulation of some 14 million transactions averaging $403 each.”
“Accumulated remittances to Mexico through October 2025 totaled $51.34 billion, 5.1% lower than the amount received during the same period last year.”
A billionaire from outside the formal political system who criticizes the political establishment, runs for president, and wins.
Didn’t that occur in one of Mexico’s neighbors ?
Could it also occur in Mexico?
There are indications that Ricardo Salinas Pliego may run for president in 2030.
Ricardo Salinas Pliego is a billionaire and the third richest man in Mexico (net worth 5.5 billion USD). Salinas is the CEO of Grupo Salinas, a conglomerate which includes the TV Azteca Media Network, Grupo Elektra (incuding Elektra stores and Banco Azteca), soccer teams Club Puebla and Mazatlán Futbol Club, Italika motorcycles, Totalplay telecoms, and others.
Salinas Pliego is the son of Hugo Salinas Price, whose mother was American, see his apellidomaterno. Salinas Price is still alive.
Ricardo Salinas Pliego is a critic of the Sheinbaum Administration. He was against the judicial reform [see here] and supported the recent protests against the administration.
What are some clues that Salinas Pliego might run for president?
Well, one is that he recently updated his Twitter X profile. You can see it here. It now has a Mexican flag in the top photo. The photo is blurry, but maybe that symbolizes something too.
And Salinas Pliego has this statement near the top: “The State is not the solution, it is the problem. Do not let yourselves be intimidated by the parasites of the State, the only thing they want is to perpetuate themselves in power.” (automatic translation from site)
That’s small-government ideology, quite different from that of President Claudia Sheinbaum and the MORENA party.
Another evidence that Salinas Pliego might run is that he is reported to be thinking about selling his two soccer teams, Club Puebla and Mazatlán Futbol Club, in order to finance a campaign. That could net him $165 million. [See Salinas Pliego will sell Mazatlán and Puebla on the Mexico Daily Post.]
Then there’s this story, also reported on Mexico Daily Post. Salinas Pliego traveled to El Salvador in Central America, where he met with that nation’s President Nayib Bukele, who drastically reduced the murder rate by putting lots of criminals in jail.
From Mexico Daily Post: “The businessman [Salinas Pliego] shared that during their meeting, they discussed issues related to public safety and the administration of justice, areas that, he affirmed, should be a priority in Mexico. He added that if he were to lead the Mexican government, he would adopt a strategy similar to Bukele’s.”
And, quoth Salinas Pliego, “ ‘While talking with President Bukele, I told him that if I were President of Mexico, my government’s number one priority would be the same as his: to declare war on criminals and use the full force of the State to immediately restore order in the country, with the goal of giving Mexican families a life of peace.’ ”
If Salinas Pliego did run, what party would he run for?
Mexico was already the largest exporter to the United States. Now it’s the largest importer from the United States.
From Mexico News Daily: “In 2023, Mexico became the world’s top exporter of goods to the United States, surpassing China. Now it also the top buyer of U.S. goods, outpacing Canada, according to U.S. government data published on Wednesday [November 19th].”
In Spain, Mexico’s madre patria, police broke up operations of the CJNG – the Cártel de Jalisco Nueva Generación, which is based in the Mexican state of Jalisco.
From CBS News: “Spanish police on Tuesday [November 18] said they broke up the local operations of a powerful Mexican drug cartel designated a terrorist organization by President Trump, making 20 arrests. The Jalisco New Generation Cartel (CJNG) smuggled ‘large shipments of cocaine and methamphetamine’ from South America for distribution in Spain and other European countries, Spanish police said in a statement.”
Mexico in green, South America in blue, Spain in red. Source: mapchart.net
This time, industrial machinery was being used to conceal drugs. What’ll these guys think of next?
“The investigation started earlier this year when police detected drugs hidden in heavy industrial machinery, which was stored on estates near Madrid and the neighboring province of Avila and transported across Spain.”
“Among the detainees were two ‘priority targets’ of the U.S. Drug Enforcement Administration (DEA) as well as suspected members of the Italian Camorra mafia dedicated to transporting the drugs abroad.”
“The operation, carried out jointly with the DEA and Dutch authorities, seized 1.8 tons of cocaine, cash, cryptocurrency, weapons and vehicles.”
Click here for a short video showing bits of the operation in action.
Spain’s location and its cultural links with Latin America make it a logical place for cartels to get drugs into Europe.
“Spain is a major gateway to Europe for North African hashish and South American cocaine, making the country a magnet for international criminal gangs.”
Well, they caught these guys, but how many more operations like theirs are still active in Spain and elsewhere in Europe ?
For six consecutive months, remittances to Mexico have decreased.
Remittances are funds sent by people from Country A working in Country B. It’s sent back to families in Country A. Many countries have grown to depend on remittances.
In the case of remittances going to Mexico, most of those funds are from Mexicans working in the United States.
From Mexico Business News: “Mexico recorded a decline in remittance inflows for the sixth consecutive month in September, totaling US$5.21 billion (MX$97.4 billion), a decrease of 2.7% compared to the same month last year, according to Mexico’s Central Bank (Banxico). This drop was driven by a 4.7% contraction in the number of transfers, partially offset by a 2.1% increase in the average remittance amount. This marks the fifth consecutive month with monthly inflows exceeding US$5 billion.”
Then there’s the January to September figures: “The accumulated flow of remittances for the first nine months of the year (January to September 2025) totaled US$45.68 billion, representing a contraction of 5.5% compared to the US$48.36 billion captured during the same period in 2024.”
Many families in Mexico receive remittances.
“The aggregate decline impacts an estimated 4.1 million recipient families and 11.1 million individual Mexican beneficiaries. In September 2025, the average remittance received per Mexican beneficiary was US$396, the lowest amount in four months. The funds entered Mexico through 13.1 million operations, a moderation compared to the 13.8 million transactions observed in September 2024.”
“Remittances represent a substantial portion of income for recipient families, making the sustained contraction a matter for the domestic economy. According to BBVA Research, remittances represent 30% of the income of households that receive these resources.”
“The economic dependence is more pronounced when factoring in labor income, with the bank noting: ‘In households receiving remittances, the sum of this money from abroad plus labor income represents 65.9% of current income.’ “
“Based on estimates from the National Survey of Household Income and Expenditure (ENIGH) 2024, remittances account for more than 50% of income in 360,000 households across Mexico.”
So what is the reason for this decrease in remittances?
“Analysts point to external factors, including US labor market dynamics and security policies, as drivers of the contraction.”
That would be the Trump crackdown on illegal immigration in the United States
Also, it has to do with the value of the Mexican peso.
“The strength of the Mexican peso also reduced the real value of the transfers, given an annual appreciation of the Mexican peso of 6% against the dollar, remittances experienced a fall of 11.5% in real terms (discounting inflation). This means that, when converted to the local currency, the funds purchased fewer goods compared to the previous year.”
Over 99% of this is sent via electronic transfers.
“During the first nine months of 2025, 99.2% of total remittance income was sent via electronic transfers (US$45.3 billion). Of those electronic funds, 50.1% (US$22.69 billion) were sent as deposits to accounts, while 49.9% (US$22.61 billion) were collected in cash.”
Some Mexican states, however, are moving in the opposite direction.
“In contrast to the national trend, several states in the center-south region registered growth in the first nine months of the year, including: Guerrero (4.2%), Oaxaca (2.0%), Puebla (1.9%), Morelos (1.3%), Chiapas (1.2%), and Veracruz (0.9%).”
From the article: “…hundreds of Guatemalans work every day on the banana plantations of Chiapas. Many of them are Indigenous, mostly from the Q’eqchi’ Maya region that encompasses the Guatemalan departments (states) of Alta Verapaz, Baja Verapaz, Petén and Izabal. Most don’t speak a word of Spanish, or they speak very little: it’s difficult for them to understand the tasks assigned to them. Sometimes, they don’t even know exactly where they are, or how much they’re going to earn.”
About the banana business: “Mexico is one of the leading banana producers and exporters in Latin America. According to data from the Ministry of Agriculture and Rural Development (SADER), the country produces around 2.5 million tons annually, primarily in the states of Chiapas, Tabasco, Veracruz and Colima, which together account for more than 80% of the national total. Chiapas alone contributes nearly 30% of that production, with municipalities like Tapachula, Mazatán and Suchiate being veritable banana-growing enclaves. The fruit produced in Chiapas not only supplies a large part of the domestic market, but also supports a significant export network to the United States, Europe and Asia.”
What company is the main buyer of Chiapas bananas?
“The main buyer of bananas produced in Chiapas is Chiquita Brands International, formerly known as the United Fruit Company. The firm is responsible for some of the darkest chapters in Latin American agricultural history. Under its corporate umbrella, dozens of farms along Mexico’s southern border operate with strict quality standards. However, according to workers and organizations, it has an exploitative model and offers meager wages. The farm owners have opted to hire cheap labor, mostly from Guatemala.”
Sometimes this cheap labor is legal, sometimes it’s illegal.
“The practice of bringing Guatemalan laborers to work in Chiapas is a long-standing one. And there are two ways to do it. The first is through legal channels established in Article 52 of the Mexican Migration Law, which allows those living in Guatemalan border states to obtain temporary permits to work only in the southern states of Mexico. The other involves people known as ‘coyotes.’ They drive to the Indigenous or peasant villages of northern Guatemala in trucks, recruiting manual laborers to work in southern Mexico for three or four months at a time.”
For many of them that’s it,
“A large number of the workers brought to the banana plantations by coyotes don’t stay long. They work for periods of three or four months and don’t usually return to Mexico again. This is according to Roberto, one of the plantation managers. The workdays are typically 10 to 14 hours long, while the pay is between 200 and 300 pesos per day ($11 to $16).”
One is a transgender called Nancy who knows Spanish while another is a four-foot tall Guatemalan named Domingo who doesn’t.
“Domingo is a Q’eqchi’ man who arrived in Mexico less than a month ago with Nancy’s group. He doesn’t speak a word of Spanish, nor does he seem to need it for many of his tasks. All day long, he does the same thing: pick, wash, sort. He only stops for lunch. And, while it might not seem like it, that’s when things get complicated.”
“Domingo doesn’t understand when the foreman instructs the workers to go eat, nor does he understand when any other order is shouted out. Back in Guatemala, he also didn’t understand the details when the recruiters told him to get on the truck.”
“Domingo doesn’t know exactly how much he’s going to be paid, or why he sometimes isn’t paid at all. All of his communication with the farm managers, who only speak Spanish, is through his friend Carlos, another Q’eqchi’ man who, in addition to his native tongue, speaks a little Spanish.”
“With Carlos acting as translator, Domingo tells EL PAÍS that he works to support his wife and two daughters. They live back in the village, in Cobán, Guatemala. He explains that he spent more than a decade working on farms in his home region, but the pay was very low and the days were grueling. So, when he saw his neighbors getting on the truck, telling him in Q’eqchi’ that they were heading to Mexico, he thought it would be a good opportunity.”
“ ‘He says what he doesn’t like about the job is sleeping on the floor and that he’s paid very little. Sometimes, only 200 pesos a day (less than $11). He said he didn’t expect that to be his pay,’ Carlos translates.”
“Without knowing the language and without papers, Guatemalan workers like Domingo, Carlos and Nancy, who come to work on the plantations in Chiapas, are at the mercy of whatever a boss says. They never fully know what’s going on around them.”
“ ‘And does Domingo know where he is?’ ”
“ ‘In Mexico,’ Carlos replies.”
“Through Carlos, Domingo is asked if he knows which part of Mexico.”
“ ‘He says in Chiapas. Near the United States, right?’ ”
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