The latest data out of Mexico suggest that, despite repeated tariff threats, the economy eked out positive growth in Q1 and avoided a technical recession. But activity is still extremely subdued. Elsewhere, US Treasury Secretary Scott Bessent’s comments that the Trump administration would be willing to support Argentina with a credit line (if needed) appears to be aimed at least in part at getting Argentina to end its swap line with China, highlighting further efforts by the US to reduce China’s presence in the region.
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