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Throughout the contentious tariff debate, the Mexican peso has remained relatively stable at about 20 pesos to $1, a fact that many view as a positive barometer of the government’s strategy.

The Mexican peso weakened again during this latest episode and, although Sheinbaum claims the country's economy is strong, the markets would clearly prefer a more reliable and solid relationship with the US.

The good news for Mexico is that the peso, despite fluctuations amid Trump’s shifting rhetoric, has remained relatively stable — a fact that Starr said suggests “financial markets don’t believe Trump” will really impose tariffs.

The Mexican peso tumbled to its lowest point against the dollar in nearly three years amid concerns over the tariffs.

Economies in Mexico and Canada rely much more heavily on the U.S. than the other way around, and the threat of tariffs has made the peso and Canadian dollar very volatile in recent weeks.