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 safe-guarding the integrity of key institutions will be key to preserving market sentiment and sovereign debt ratings," Ramos said, emphasizing 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 President Donald Trump, who has vowed to increase tariffs on Mexican goods, wins.
Sheinbaum's government will present its first budget before Nov. 15, which is expected to be highly scrutinized for clues on whether she will make good on commitments to reduce the fiscal deficit to 3.5% of gross domestic product from 5.9%, where it is predicted to close the year.
CONTINUITY WITH CHANGE?
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 programs 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 sizable 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% from the previous 2.4% and lowered its estimate for 2025 to 1.2%.
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 U.S. 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.
© Thomson Reuters 2024.
33 Comments
TaiwanIsNotChina
One can always hope a woman will be more reasonable than the authoritarians they have had before.
bass4funk
This is just crazy. Mexico voted in their first Jewish socialist. Not sure how this will go. Scary and serious rough waters ahead.
wallace
Jewish heritage.
bass4funk
Yes, that would be like a Christian running Iran or a Muslim running Israel.
Chico3
Excellent news! Muchisimas felicidades! The best of luck to Mexico under her Party's leadership.
wallace
Sounds anti-semitic. Do you have a problem even if Claudia Sheinbaum was a practicing Jew? The Jewish population is very small, 60,000.
Her most difficult problems will be corruption and the drug cartels. And northern migrations across the southern border.
bass4funk
For stating the truth?
I have a problem with her being a socialist
That wasn’t the issue. If a Muslim would be head of a Jewish state or a Christian running Iran, you don’t find that a bit odd?
She will never, and I repeat, never tackle this problem
ROFL!
wallace
bass4funk
Sounds anti-semitic.
Why did you even mention her heritage? She was elected by the people.
Do you have a problem even if Claudia Sheinbaum was a practicing Jew?
You have a problem with her having Jewish heritage.
The Jewish population is very small, 60,000.
Mexico voted for her.
Her most difficult problems will be corruption and the drug cartels.
You shot her down before she started.
And northern migrations across the southern border.
Mexico has a problem with migrants crossing its southern border trying to reach the US.
wallace
If the American desire and addiction to drugs weren't so high the drug cartels would have less sales and profits.
bass4funk
For stating the truth?
Yes, and I’m commenting on something that is just bizarre.
Did I say that?
You have a problem with her having Jewish heritage.
Again, did I say that?
That wasn’t the issue. If a Muslim would be head of a Jewish state or a Christian running Iran, you don’t find that a bit odd?
She will never, and I repeat, never tackle this problem
Yes.
When Trump is back in office that lib gravy train will come to an end.
wallace
Congratulations to Claudia Sheinbaum for becoming the first female president in a very male-dominated society. She broke the glass ceiling for all women.
wallace
If Trump is elected it won't stop the migrants crossing the Mexican southern border.
bass4funk
Mexico is in for a political whirlwind. I will pray for Mexico.
No, but he will slow it down to a trickle
theFu
The Mexican govt is secular, not religious. Seems that Mexicans agree it doesn't matter what religion or none their President has.
I'd rather that any religious extremist not be allowed to govern any country, but that's a personal thing to me. Iran is an Islamic country and govt with laws based on Islam. That's very different than a secular govt like Mexico.
bass4funk
*in a country where out of 130 million population , only 40 000 are jews?*
Very odd indeed
Of course, but that that is just one interesting fact about this new government and leader, the other thing that she’s a socialist is a bit concerning though.
TaiwanIsNotChina
And your magic for getting people to stop using drugs is...? Next you'll be telling us there are too many drug users in prison.
TaiwanIsNotChina
It's already come to an end thanks to hard on border Biden.
bass4funk
Yeah, I'll take the word of the former retired chief of BP over Biden any day of the week.
bass4funk
https://youtu.be/m2md8f9-ySA?si=Yn3QKPLbVRSSxQIj
Doesn't sound like it's ending
TaiwanIsNotChina
Your video has little to do with border crossings but this does:
https://www.cbp.gov/newsroom/stats/southwest-land-border-encounters
bass4funk
It does as he testified that he had to lie for 3 years and was not allowed to do his job. Whether it's the border patrol or law enforcement, they all don't like this admin, they hate it with a passion and none of them are voting for Harris.
In July, CBP processed over 38,000 individuals with appointments at ports of entry utilizing
advanced information submitted through CBP One™. Since the appointment scheduling
function in CBP One™ was introduced in January
2023 through the end of July 2024, more than 765,000 individuals have successfully scheduled appointments to present at ports of entry instead of risking their lives in the hands of smugglers. The top nationalities processed subsequent to arrival for their appointment are
Venezuelan, Cuban, Mexican and Haitian.
TaiwanIsNotChina
The BP was in favor of the bipartisan border bill and if they have a brain, law enforcement knows any problems they face are due to local laws and not anything from the Biden administration.
TaiwanIsNotChina
And this is literally how is it supposed to work. Thanks Joe Biden!!!
bass4funk
No, they were not, not at all,
What it would have done is...
-Allows 5,000 illegals per day
-Allows 1,825,000 illegals per year
-$1 billion to NGOs to enable the mass migration
-Grant asylum claims (and thus American citizenship) to illegal aliens at the border without civil review by the immigration courts
-Government-funded lawyers for illegals
-Catch-and-release for any alien who says they intend to apply for asylum
-Does very little to ensure the deportation of undesirable illegals
So yes, I am glad Trump killed this poison pill.
...and look who their boss is, they have no choice but to say they favored it or they wouldn't have a job and by the way, don't you think that it's ironic that you don't see a lot of interviews with regular BPA? It always seems to be the ones that quit that can give all the details and not hold anything back because of targeted reprisals.
BS, Biden could use his executive powers to seal the border, he used them to dismantle all of Trump's executive actions, so are you trying to tell us he can undo all executive actions, but can't undo them? Gosh, I hope you don't tell the average American this, they would laugh you out of the room
Well, of course, there is an election around the corner
TaiwanIsNotChina
It's the border patrol union. They are allowed to speak their mind without reprisal:
https://abcnews.go.com/Politics/border-patrol-union-backs-senate-immigration-bill-despite/story?id=106969976
bass4funk
Yes, and who do they answer to? This administration.
No, they’re not and when they do speak their minds, they’re usually not working for the agency.
TaiwanIsNotChina
So they are allowed to make trashy videos about the administration but their union can't represent them. Makes a lot of sense.
wallace
TaiwanIsNotChina
If the American desire and addiction to drugs weren't so high the drug cartels would have less sales and profits.
Drug users and addicts are not the criminals. The dealers are.
wallace
Bipartisan Border Security Package Myth vs. Fact
https://www.sinema.senate.gov/wp-content/uploads/2024/02/Bipartisan-Border-Security-Package-Myths-vs-Facts.pdf
Bipartisan Border Security Package
Reasserts Control of the Border, Enhances Security, Fixes Asylum System, Treats Migrants Fairly, and Supports Border Communities
https://www.sinema.senate.gov/wp-content/uploads/2024/02/Bipartisan-Border-Security-Package-Summary.pdf
TaiwanIsNotChina
It's already a serious crime to deal in drugs. Not much can be done there.
bass4funk
Nothing trashy about the stats or facts. We see it and hear it every single day in the news, There is not one poll that shows Kamala beating Trump on the immigration issue, this is why the left avoids this issue don’t talk about it.
The same thing applies to Teamsters union, the union leaders won’t endorse anyone but their members overwhelmingly support Trump.
It does.
And then once you read the fine print of the bill you see what it will actually do.
-Allows 5,000 illegals per day
-Allows 1,825,000 illegals per year
-$1 billion to NGOs to enable the mass migration
-Grant asylum claims (and thus American citizenship) to illegal aliens at the border without civil review by the immigration courts
-Government-funded lawyers for illegals
-Catch-and-release for any alien who says they intend to apply for asylum
-Does very little to ensure the deportation of undesirable illegals
bass4funk
The only way, this will ever come to a complete end is only when the GOP retake the Senate. Once that happens then they can make sure that border security is upheld the way they and their constituents and the president want. This is another reason why law enforcement and the border patrol agency overwhelmingly support Trump and along with his DOJ and ICE this will end and the Dems won’t have a say anymore, it’s enough already.
wallace
TaiwanIsNotChina
Drug users and addicts are not the criminals. The dealers are.
You introduced the topic—better detection and arrest of the major dealers and smugglers, especially those dealing with Fentanyl.