Mexico's Sheinbaum asks Trump for dialogue, respect for sovereignty after victory

Mexican President Claudia Sheinbaum on Wednesday congratulated former U.S. President Donald Trump on his victory in the presidential election, asking him for dialogue and respect for sovereignty.

In a post on X, Sheinbaum, who took office just last month, wrote she was sure both would "advance in the broad bilateral agenda" that connects the neighboring countries.

"There will be good relations with the United States," she had said earlier in the day, seeking to calm worries ahead of Trump's return to power. "I'm convinced of that."

The Mexican peso took a significant hit in overnight trading, dropping to the lowest level in more than two years. As markets digested Trump's win during the day, it trimmed losses, trading at 20.08 pesos per dollar at 5 p.m. ET.

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Earlier in the day, she said she would wait to congratulate Trump until votes were counted.

Andres Manuel Lopez Obrador, her predecessor, also famously delayed congratulating Joe Biden on his victory in the 2020 presidential election, saying he would wait until legal challenges were concluded.

Lopez Obrador's decision was seen by many as a bid to avoid friction with Washington during the transition period.

Mexico is the top trade partner of the U.S., and the bilateral relationship with its northern neighbor is by far its most important.

While the U.S. election extended a streak of volatility and weakness for emerging markets, Mexico was seen as particularly vulnerable given its exposure to the U.S. economy.