Meeting with Biden, Trudeau/Handling Inflation

Sonora modernization. President Andres Manuel López Obrador announced that the Customs Fund, totaling MX$90 billion (US$4.3 billion), will be used to modernize the port of Guaymas, renovate the historic center of Nogales and rehabilitate customs offices in Sonora. “To promote investments for economic growth and job creation, we are committed to allocating an amount from the Customs Fund. It is a trust that we received and we have taken care of it and it already has MX$90 billion. A part will be exercised next year and this will mean three very concrete actions for Sonora.” He added that train tracks that pass through the central area of the Nogales municipality would be removed and a bypass will be built to help improve life and transport in the city.

Intentional homicides. The head of the Ministry of National Defense (Sedena), Luis Cresencio Sandoval, announced that the number of intentional homicides in the state of Sonora had increased slightly in September. There were 112 intentional homicides in the month, bringing the year-to-date total to 1,207, ranking the state seventh nationally for intentional homicides. There was also an increase in motor transport theft, for which the state ranked 20th nationally. The state ranked 21st in the country for the total number of high-impact crimes, which also rose in the month. “In total, for high-impact crimes, the increase is small: 1,407 in September. So far this year, 13,910 high-impact crimes have been registered versus 16,250 high-impact crimes last year,” Sandoval said.

AMLO, Biden and Trudeau. López Obrador said that his upcoming meeting with US President Joe Biden and Canadian Prime Minister Justin Trudeau will be “of the utmost importance.” He said that he would hold bilateral meetings with both leaders and then the three would meet to discuss the USMCA trade agreement. “That meeting will be very important because the trade agreement with the United States and Canada is very good for the three peoples and the three nations. The truth is that much progress was made. A lot was achieved by signing the treaty again.” The North American Leaders’ Summit will take place on Nov. 18 at the White House in Washington. It will be the first summit between the three countries since 2016.

Increase in inflation. López Obrador said that he expects the increase in inflation in Mexico to be transitory and pointed out that measures are already being taken in this regard. “Even considering that inflation is growing, which is an issue that we are already addressing, it is something that impacts us due to problems in the world related to the pandemic, which affected productive activities and there is more demand than supply of products. This is happening in the US, in Mexico; if you want to buy an appliance you have to wait, there is no production, there is a lack of chips.” Data showed Mexico’s general inflation rate rose in October to 6.24 percent year-on-year, its highest level since the end of 2017 and particularly affecting energy and agricultural products.

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Click HERE for full transcript in Spanish