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Reuters

Claudia Sheinbaum was sworn in as Mexico’s first woman president on Tuesday, vowing to bolster women’s rights and ensure that Latin America’s No 2 economy remains a secure destination for international investment.
Sheinbaum, a 62-year-old scientist and former mayor of Mexico City, took the oath of office and received the presidential sash in a boisterous ceremony in Mexico’s Congress, which marks the start of her six-year term.
“It is time for transformation, it is time for women,” she said with emotion.
“I am a mother, a grandmother, a scientist and a woman of faith, and from today, by the will of the Mexican people, the president,” she said.
Sheinbaum also used her first speech as head of state to address investor concerns after the passing of a judicial reform pushed by her predecessor Andres Manuel Lopez Obrador.
She reiterated the central bank would be autonomous and told investors: “Rest assured that the investments of national and foreign shareholders will be safe in our country.”

Alberto Ramos, head of Goldman Sachs Latin American economic research, said she will be judged on whether she can construct “a predictable and investment-friendly policy and regulatory framework”.
“Disciplined management of the budget and of state-owned enterprises, progress on public security, and safeguarding the integrity of key institutions will be key to preserving market sentiment and sovereign debt ratings,” Ramos said, emphasising the importance of the heavily indebted state energy firm Petroleos Mexicanos (Pemex).
On Pemex, Sheinbaum said the company will look to maintain daily oil production at 1.8 million barrels, about the same level they are at currently.
The November presidential elections in the United States, Mexico’s largest trading partner, could add to market volatility, especially if former US president Donald Trump, who has vowed to increase tariffs on Mexican goods, wins.
Sheinbaum’s government will present its first budget before November 15, which is expected to be highly scrutinised for clues on whether she will make good on commitments to reduce the fiscal deficit to 3.5 per cent of gross domestic product from 5.9 per cent, where it is predicted to close the year.
Lopez Obrador, whose six-year term began in 2018, managed to double Mexico’s minimum wage, reduce poverty and unemployment, broaden the base of social programmes and oversee a previous strengthening of the peso. Touting these successes boosted his popularity and helped usher Sheinbaum, his protégée, to a landslide victory in the June elections.
Sheinbaum, however, who has promised “continuity with change,” will inherit the largest budget deficit since the 1980s and lagging economic growth.
Experts say Mexico’s economy will require a tax reform to increase revenues, though Sheinbaum has said publicly she does not plan a sweeping tax overhaul. Instead, she has said she will pursue other options, including improving the efficiency of tax collection at customs.

Sheinbaum “will have to deliver an important fiscal consolidation if she wants to keep the positive view that markets have today towards her,” said Bernardo Keiserman, an economist at investment bank Bradesco BBI.
“We believe the government is committed to an adjustment, but delivering one sizeable enough is not going to be an easy feat. The economy is weaker and likely weakening further,” Keiserman said.
Recently, the central bank cut its GDP growth forecast for this year to 1.5 per cent from the previous 2.4 per cent and lowered its estimate for 2025 to 1.2 per cent.
Nearshoring, the trend of companies moving production closer to their main market, has helped Mexico attract investment, but Sheinbaum will face a challenge in trying to increase foreign direct investment while implementing the judicial reform.
The judicial reform, under which judges will be elected by popular vote, has scared investors and drawn criticism from the US ambassador to Mexico who said it threatened the rule of law.
“I will govern for everyone and be assured that I will put my knowledge, strength, my history, and my life itself at the service of the people and the country,” Sheinbaum said.


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Americas and the Caribbean

Claudia Sheinbaum sworn in as Mexico’s first female president, vows ‘it is time for women’

Mexico’s President Claudia Sheinbaum waves at the crowd as she leaves the Congress of the Union after her inauguration ceremony in Mexico City on Tuesday. Photo: AFP

Mexico’s new President Claudia Sheinbaum prepares to receive the ceremonial sash from outgoing President Andres Manuel Lopez Obrador. Photo: Reuters

A man waves Mexico’s national flag during an opposition protest in Mexico City on Tuesday. Photo: EPA-EFE

US lawmakers urge Mexico’s Sheinbaum to tackle Chinese car data security threat

US lawmakers urged Mexico’s President-elect Claudia Sheinbaum to address national security concerns posed by Chinese carmakers’ internet-connected vehicles in Mexico. Photo: Shutterstock

US lawmakers have call on Mexico’s President-elect Sheinbaum to address Chinese carmakers’ data security risks in Mexico. Photo: Reuters

Mexico’s Lopez Obrador gives 1,438th press conference on his last day in office

Mexico’s President Andres Manuel Lopez Obrador during his last daily press conference. Photo: AFP

Claudia Sheinbaum will be sworn in on Tuesday as Mexico’s first woman president. File photo: AFP

Mexican President Andres Manuel Lopez Obrador unveils his portrait at the National Palace after giving his last morning press conference. Photo: AP

Chinese migrants flock to Mexico in search of freedom and opportunity

An arch donated by the Chinese government adorns the Degollado Plaza in Mexico City. Photo: AP

Owner Duan Fan poses in his Chinese restaurant “Nueve y media,” in the Roma Sur neighbourhood of Mexico City, July 5, 2024. Photo: AP

Migrants board a plane for deportation at an airbase in Panama City, Panama, on Friday. Panama has imposed border closures through the Darién Gap and launched a partnership with the US government to repatriate migrants, including Chinese, who often fly into Colombia to make the journey through a perilous jungle of the in the hopes of reaching the US. Photo: Bloomberg

Chinese products are seen in a supermarket in downtown Mexico City, July 24, 2024. Photo: AP

Mexican envoy to ‘good friend’ China talks trade and ‘bad news’ beef with US

Mexico’s ambassador to China, Jesús Seade, speaks at his embassy in Beijing on August 15. Photo: Simon Song

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Promising to boost women’s rights, the leader also sought to reassure investors concerned by the passing of a controversial judicial reform


Promising to boost women’s rights, the leader also sought to reassure investors concerned by the passing of a controversial judicial reform.
