Kek.

Looks like Mexico had no choice

as Tariffs would have crippled their economy

and quite possibly sent them into a recession.

In their decision to downgrade, Fitch cited the increased risk to Mexico’s public finances from state oil company Pemex’s deteriorating credit profile, along with ongoing weakness in the country’s economy. At the same time, the failure of trade talks means that Mexican goods could be hit with 5% tariffs starting Monday – tariffs that would increase monthly up to a maximum of 25%.

https://www.bloomberg.com/news/articles/2019-06-05/mexican-peso-tanks-on-double-whammy-from-ratings-trade-talks

Mexico’s peso weakened on the news, declining 0.8% to 19.7379 per dollar at 10:52 a.m. New York time. Pemex 2027 bonds dropped the most since January on Thursday.

https://www.bloomberg.com/news/articles/2019-06-05/fitch-downgrades-mexico-while-moody-s-shifts-outlook-to-negative