There will be a massive disaster for Mexico if U.S. Republican candidate Donald Trump wins the presidential elections, the Governor of the Bank of Mexico, Agustin Carstens, said on Friday.
“It will be a much stronger hurricane. Particularly if he carries out what he has been mentioning in his campaign,” said Carstens during a radio interview with Grupo Formula.
Trump, who from the start of his campaign has attacked Mexican immigrants by calling them drug traffickers and rapists, has said that if he was elected as president he would block remittances from being sent back to Mexico.
By doing so, Trump hopes that it will force Mexico’s government to pay for a 1,000-mile wall to be built along the Mexico-U.S. border, with a calculated cost of around 8 billion U.S. dollars.
In terms of economy, the U.S. magnate has said he would modify or pull out of the North American Free Trade Agreement (NAFTA) which involves the United States, Canada and Mexico. He is also thinking about putting a 35 percent tax on some goods coming from Mexican products.
Carstens made the remarks after acknowledging that Trump’s electoral and political performance has had an effect on the Mexican currency rate against the U.S. dollar.
So far, in 2016 the Mexican peso has depreciated 12.6 percent, reaching 20.21 Mexican pesos per U.S. dollar on Monday, prior to the first presidential candidate debate between Trump and his Democratic rival Hillary Clinton.
With elections taking place on Nov. 8, Trump and Clinton are in the final stretch of the race for the White House.