While Trump’s policies will impact many nations, Mexico will be the most negatively affected. A stronger dollar will make repayment of its dollar-denominated bonds tougher and simultaneously raise inflation. To counter this, the Bank of Mexico has raised rates by a staggering 3.25 percentage points, but that reduces investment. Moreover, a trade war will reduce exports and immigration curbs will reduce remittances. Mexico will suffer a mild recession in 2017.