As President Donald Trump rolls out his “America First” policies, few countries have more to lose than Mexico.

Monterrey, for instance, has become a hub for global manufacturing, attracting $23 billion in foreign investment in 2024. Nevertheless, businesses are hedging their bets.

Mexico could demand more support from the U.S ... China’s car parts and financial services would clearly become even more attractive to Mexican businesses. A U.S.-Mexican trade war, in short ...