Mexican President Sheinbaum Faces Economic Challenges and Opportunities
As Mexico's new president, Claudia Sheinbaum inherits a mixed bag of economic challenges and opportunities. On the positive side, her country has strengthened its trade position with the US, displacing China as the largest trading partner. This is due to "nearshoring" - the relocation of US and Asian firms from China to northern Mexico to avoid punitive tariffs. However, she also faces significant challenges, including a state-run energy firm Pemex with debts of around $100bn, making it the world's most indebted oil company.