Trump’s threat to place 25% tariffs on Mexican products has not scared away the big bank from predicting “nearshoring” growth across the border.
The Mexican economy has recently been booming from the latest nearshoring trend where large US corporations have moved their factories or operations to Mexico.
In a briefing to investors, Bank of America’s Head of Mexico, Emilio Romano stated: “It will be very difficult for uncertainties, either internal or external effects to alter or modify the opportunities that we see in Mexico.”
Romano believes Bank of America will as much as double its client numbers in the next five years, “We believe that the nearshoring or friendshoring phenomenon will not be reversed.”
Trump’s recent threat to impose tariffs on Mexico and Canada has unsettled markets and cast uncertainty over multinational companies’ investments in the region. The USMCA agreement between the countries has seen smooth trade across the region. However, the treaty is up for review in 2026, and both Canada and Mexico are expected to retaliate against the US if the upcoming administration imposes heavy tariffs.
“Mexico will not deviate from this North American economic integration, there is no turning back.” said Romano.
By CEO NA Editorial Staff
