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Bank of America bets on long-term growth in Mexico due to 'nearshoring', despite Trump tariff threat

Bank of America is optimistic about Mexico's long-term economic growth due to the trend of nearshoring, where companies move their operations closer to key markets like the U.S. to reduce costs and improve supply chain efficiency. Despite former U.S. President Donald Trump's threats of imposing tariffs on Mexican imports, Bank of America's CEO, Brian Moynihan, expressed confidence in Mexico's economic prospects during a visit to Mexico City. He highlighted the country's strategic advantages, including its proximity to the U.S., a skilled workforce, and favorable trade agreements. Moynihan also noted that while tariffs could pose short-term challenges, the overall economic relationship between the U.S. and Mexico remains strong, underpinned by significant trade volumes and investments.

Read the Full Reuters Article at [ https://www.reuters.com/business/finance/bank-america-bets-long-term-growth-mexico-due-nearshoring-despite-trump-tariff-2024-11-28/ ]