The President of the United States of America (U.S.) has signed a new $900 billion COVID relief bill, and now the U.S. economy will receive more than a second stimulus check. “The new law renews some government financial aid programs that were about to expire, including $300 weekly unemployment checks, an eviction ban, and aid for small businesses to cover payroll,” according to several media outlets so far — though more could be coming.
The approval has created a domino effect in the economy. The Dow Jones Industrial Index, the S&P 500, and the NASDAQ Composite all reported record highs during the week the bill was announced. It is expected to have a positive impact on consumer spending and private expenditures.
Furthermore, “The House voted on Monday (December 28) to override President Donald Trump’s veto of the $740 billion defense authorization bill, marking the first time one of Trump’s vetoes was overridden by a chamber of Congress and a dramatic rejection by both Democrats and members of his own party.” If this bill is approved, it will also stimulate the economy and create conditions for a full recovery in 2021, after a difficult year (2020) for the U.S. economy.
This will also have a domino effect on exports from Mexico to the United States and will help the struggling Mexican economy. However, strong support from Mexican authorities is needed. The backing or facilitation of the IMMEX Program, customs operations, and VAT refunds could be of vital importance for many Mexican exporters.
Mexican exports have already recovered their pre-pandemic level of $40 billion USD, up from $18 billion in May 2020. This is a good sign and, with the new law approved, next year could be even better. Additionally, new Chinese investors are now willing to set up manufacturing plants in Mexico to serve the U.S. market and avoid import tariffs. The opportunity is there, but we’ll see if the Mexican government makes the right decisions.
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