Trump victory leads to peso plunge

Business

Picture of the Mexican five hundred peso note taken on December 27, 2011 in Mexico City. AFP PHOTO/Yuri CORTEZ (Photo credit should read YURI CORTEZ/AFP/Getty Images)

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SAN YSIDRO, Calif. -- Some economists say the markets did not take Donald Trump seriously before the election. Since Tuesday, that has changed dramatically.

The win shook up global markets and sent the Mexican peso plunging around 13 percent to an all-time low. People in Mexico are now closely watching the exchange rate, which is now around 20 pesos per dollar.

“We’re really worried. We don’t know if it’s going to go even lower," said Henry Galarza, a Tijuana resident who works north of the border to provide for his family. “I’d probably have to have two jobs to provide them what I get over here."

The weakened peso could also impact the economy in San Diego County.

“We may get less people crossing the border to shop in San Diego because products are more expensive. That might hurt our trade, in terms of products we send across the border to Mexico," said Dr. Alan Gin, an economics professor at USD.

The peso panic follows Trump’s threat to tear up a free -trade agreement with Mexico and punish U.S. companies that move to Mexico.

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