ETFs exposed to Mexican stocks recorded a heavy loss on Friday, May 31st, with – 4,03% on average. This is a direct consequence of Donald Trump’s last decision to impose progressive tariffs on all Mexican goods that will be imported to the US, starting the 10 of June. The rate will be first at 5% but will increase by 5% every month until 25%. The reason of this unexpected move from the White House is the illegal immigration coming from Mexico that Trump wants to fight against, and by applying tariffs to Mexican goods, he places Mexican government under pressure. Since the beginning of the year, Mexican stocks still have a positive performance of +3,91%, but May has been a rough month since the cumulative losses during this period were -7,65%. This segment gathers 12 ETFs which are tracking 9 indices, for a total of $4,4Bn of assets under management.