MEXICO CITY (Reuters) -All of the Bank of Mexico’s five governing board members agreed in the monetary authority’s most recent rate decision that the period has been marked by high uncertainty due to trade policy announcements worldwide, minutes published on Thursday showed.
“Some activity indicators surprised to the downside partly due to the effects of trade uncertainty at the global level,” said the Mexican central bank.
Most board members also noted that changes in trade policy have added significant uncertainty to the global economic outlook.
Adding to global concerns, a U.S. trade court on Wednesday blocked most of U.S. President Donald Trump’s tariffs, arguing he had overstepped his authority.
Banxico, as the central bank is known, slashed its growth forecast for Mexico’s economy this year to 0.1%, from its previous estimate of 0.6%, citing sluggish domestic activity and uncertainty related to U.S. trade policy, according to its quarterly report published on Wednesday.
(Reporting by Natalia Siniawski; Editing by Kylie Madry)
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