19:18 GMT +315 October 2019
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    Mexico’s 500 peso note shows muralist Diego Rivera on the front and his wife and fellow artist Frida Kahlo on the back.

    Mexican Peso Drops 1.5% After Ford Cancels Plans for New Plant in Mexico

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    US car manufacturer Ford move to cancel the plans for a new plant in Mexico prompted national currency to drop by 1.5 percent down to $21.05 per peso on Tuesday.

    MOSCOW (Sputnik) — Earlier this week, Ford announced it would invest $700 million and add 700 jobs at its Flat Rock, Michigan plant over the next four years. The investment in the Flat Rock Assembly Plant comes from $1.6 billion the company was set to invest in Mexico.

    US President-elect Donald Trump accused another car manufacturer, General Motors, in sending Mexican-made cars to be sold in the United States and threatened the manufacturer with "big border tax."

    Ford CEO Mark Fields commenting on company's decision to cancel plans for news plans, said that market conditions and not pressure from Trump was behind the move.

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