iShares Inc iShares MSCI Mexico ETF (ARCA: EWW)

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iShares Inc iShares MSCI Mexico ETF

iShares MSCI Mexico Capped Investable Market Index Fund

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The Fund seeks to track the investment results of the MSCI Mexico IMI 25/50 Index (the Underlying Index), which is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of the large-, mid- and small-capitalization segments of the equity market in Mexico. The Underlying Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight differences between the Underlying Index and the MSCI Mexico Index (the Parent Index). The Underlying Index uses a capping methodology that limits the weight of any single group entity (constituents that MSCI determines have a control relationship) to a maximum of 25 Pecent of the Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate of 50 Pecent of the Underlying Index weight. A group entity is a group of companies that operate as an affiliated corporate group but may separately issue listed securities.

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iShares MSCI Mexico ETF

<a href="https://truthsocial.com/@realDonaldTrump/posts/114948452793702817" title="https://truthsocial.com/@realDonaldTrump/posts/114948452793702817">https://truthsocial.com/@realDonaldTrump/posts/114948452793702817</a>

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President Trump Posts On Truth Social "Additionally, Mexico has agreed to immediately terminate its Non Tariff Trade Barriers, of which there were many. We will be talking to Mexico over the next 90 Days with the goal of signing a Trade Deal somewhere within the 90 Day period of time, or longer" "There will be continued cooperation on the Border as it relates to all aspects of Security, including Drugs, Drug Distribution, and Illegal Immigration into the United States..."

President Trump Posts On Truth Social "I have just concluded a telephone conversation with the President of Mexico, Claudia Sheinbaum, which was very successful in that, more and more, we are getting to know and understand each other. We have agreed to extend, for a 90 Day period, the exact same Deal as we had for the last short period of time, namely, that Mexico will continue to pay a 25% Fentanyl Tariff, 25% Tariff on Cars, and 50% Tariff on Steel, Aluminum, and Copper..."

<a href="https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-07-31-2025-2/card/trump-and-mexico-s-sheinbaum-expected-to-discuss-tariffs-today-GRdq8J3mbpdKyaeGEUt9?mod=Searchresults_pos2&amp;page=1">https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-07-31-2025-2/card/trump-and-mexico-s-sheinbaum-expected-to-discuss-tariffs-today-GRdq8J3mbpdKyaeGEUt9?mod=Searchresults_pos2&amp;page=1</a>

'Trump and Mexico's Sheinbaum Expected to Discuss Tariffs Today'- WSJ

Reuters Cites Mexico Finance Ministry Saying Public Finances Remained Stable In First Half Of Year; Tax Revenues Grew 8% In Real Annual Terms In First Half Of Year; Public Debt Fell To 49.5% Of GDP At Close Of June, Down From 51.3% At Close Of 2024; Net Federal Government Debt Was 15.868 Trillion Pesos At End-June; Total Public Spending Fell 3.8% In Real Annual Terms In Q2;  Economic Integration With United States Remains Fundamental Pillar

Reuters Cites Mexican President Sheinbaum Saying Would Seek Communication With Trump If Necessary, But Hopes To Reach An Agreement On Tariffs

A wave of U.S. trade deals with key allies over the past 24 hours reignited Wall Street's rally and boosted investor risk <a href="https://www.benzinga.com/markets">appetite across global markets.</a>
President Donald Trump announced agreements with the Philippines, Indonesia and—most significantly—Japan, while the <a href="https://www.ft.com/content/460b7784-88d7-4324-9e4d-dc9692d15e72">Financial Times</a> reported that a U.S.-EU trade deal is imminent, expected to mirror the Tokyo framework.
The U.S.-Japan pact raises the baseline tariff on Japanese goods to 15% from 10%, sidestepping the previously threatened 25% level. Tariffs on Japanese autos have been cut from 25% to 15%. In return, Japan committed to investing $550 billion in the U.S. and easing access to American agricultural and industrial goods.
Markets cheered the progress. The S&amp;P 500 rose 0.5% to a new record high of 6,350, while the Dow Jones Industrial Average surged nearly 1%, or 450 points, nearing its own record. Small-cap stocks led the charge, with the Russell 2000 also jumping 1.0% to its highest level since February.
International equities soared even more. The iShares MSCI Japan Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWJ#NYSE">EWJ</a>) rallied 4.9% to an all-time high, the SPDR DJ Euro STOXX 50 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>) climbed nearly 2%, and the iShares MSCI Mexico ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWW#NYSE">EWW</a>) gained 2.1%.
As optimism over global trade thawed investor caution, demand for safe-haven assets dropped. Gold slid 1.4% to $3,383 per ounce, while silver dipped 0.3%. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 2% to $117,760. 
Next up: a major earnings test. Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), ServiceNow Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>) and IBM (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>) are all set to report results after Wednesday's close.
<h2 class="wp-block-heading">Wednesday&#8217;s Performance Of US Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>% Chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,272.31</td>
<td>1.0%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>44,892.90</td>
<td>0.9%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>6,340.17</td>
<td>0.5%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>23,077.71</td>
<td>0.1%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated by 12:40 p.m. ET</figcaption></figure>
According to&nbsp;<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:
<ul class="wp-block-list">
<li>The&nbsp;Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>) rose 0.5% to $580.89.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.9% to $448.95.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)&nbsp;held steady at $561.44.</li>
<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) soared 1.1% to $225.66.</li>
<li>The&nbsp;Industrials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>) outperformed, up 1.8%; the&nbsp;Utilities&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) lagged, down 0.8%.</li>
</ul>
<h3 class="wp-block-heading">Wednesday&#8217;s Stocks Movers</h3>
<ul class="wp-block-list">
<li>GE Vernova Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEV#NYSE">GEV</a>) soared 13% after beating the Street&#8217;s estimates last quarter.</li>
</ul>
Other stocks reacting to earnings reports included:
<ul class="wp-block-list">
<li>Intuitive Surgical Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>) down 3.54%</li>
<li>Texas Instruments Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>) down 11.80%</li>
<li>Boston Scientific Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BSX#NYSE">BSX</a>) up 3.94%</li>
<li>NextEra Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEE#NYSE">NEE</a>) down 6.62%</li>
<li>Amphenol Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APH#NYSE">APH</a>) up 3.15%</li>
<li>CME Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CME#NASDAQ">CME</a>) up 1.32%</li>
<li>Moody's Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCO#NYSE">MCO</a>) up 2.14%</li>
<li>Capital One Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>) up 2.30%</li>
<li>General Dynamics Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>) up 6.47%</li>
<li>Fiserv Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FI#NASDAQ">FI</a>) down 16.10%</li>
<li>Infosys Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/INFY#NYSE">INFY</a>) up 1.66%</li>
<li>Freeport-McMoRan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) down 1.84%</li>
<li>Hilton Worldwide Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HLT#NYSE">HLT</a>) down 2.04%</li>
<li>TE Connectivity plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TEL#NYSE">TEL</a>) up 10.30%</li>
<li>CoStar Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSGP#NASDAQ">CSGP</a>) up 6.34%</li>
<li>Otis Worldwide Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OTIS#NYSE">OTIS</a>) down 10.32%</li>
<li>Teledyne Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDY#NYSE">TDY</a>) down 3.76%</li>
<li>Lennox International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LII#NYSE">LII</a>) up 8.84%</li>
<li>Northern Trust Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTRS#NASDAQ">NTRS</a>) down 3.53%</li>
<li>Rogers Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCI#NYSE">RCI</a>) up 0.29%</li>
<li>East West Bancorp Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EWBC#NASDAQ">EWBC</a>) down 2.16%</li>
<li>Mr. Cooper Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COOP#NASDAQ">COOP</a>) up 0.90%</li>
<li>Hasbro Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HAS#NASDAQ">HAS</a>) down 0.73%</li>
<li>Lamb Weston Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LW#NYSE">LW</a>) up 16.08%</li>
</ul>
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/politics/25/07/46557704/trump-america-first-agenda-ai-industrial-stocks-defense-sector">Trump&#8217;s Sledgehammer Policies Have Ignited Wall Street&#8217;s Hottest Trade—And It&#8217;s Not AI </a></li>
</ul>
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Stocks Jump On Trump's Trade Deal Deluge Ahead Of Big Tech Earnings: What's Moving Markets Wednesday?

President Donald Trump&#8217;s latest shot in his economic battle with China isn&#8217;t simply about imposing tariffs on products marked &#8220;Made in China.&#8221; It&#8217;s about tracing the crumbs of global supply chains and slamming the doors wherever Chinese goods may be slipping through. And collateral damage? Maybe it lies in your <a href="https://www.benzinga.com/etfs">ETF portfolio</a>.
Bloomberg Economics <a href="https://www.bloomberg.com/news/articles/2025-07-22/trump-targeting-trade-loopholes-risks-70-of-china-exports-to-us">cautioned </a>that Trump&#8217;s planned crackdown on transshipments, when China diverts goods through third nations such as Vietnam and Mexico, has the potential to imperil 70% of China&#8217;s exports to the U.S. 
That&#8217;s not only a setback for Beijing. For economies that have become reliant on this diversion, such as Vietnam and Mexico, the effect would be a complete shock.
Also Read: <a href="https://www.benzinga.com/markets/equities/25/07/46533114/china-stocks-outperform-sp500-trump-tariffs-economy-xiaomi">Trump Wanted To Break China—Now It&#8217;s Crushing The US At Its Own Game</a>
ETFs like the VanEck Vietnam ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/VNM#BATS">VNM</a>) and iShares MSCI Mexico ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWW#NYSE">EWW</a>), investor favorites of the China+1 story, might be at risk of a policy whiplash if Trump tightens the rules and widens tariffs.
Since Trump's original trade war flared up in 2018, China's manufacturers have increasingly leaned on third countries to complete and ship goods bound for the U.S. According to Bloomberg Economics, China's share of total value-added through nations like Vietnam and Mexico surged to 22% in 2023, up from just 14% in 2017.
The strategy worked, until now.
In a wave of warning letters to nations, the Trump campaign (acting preemptively, as if the return is a foregone conclusion) described a plan to raise tariffs on transshipped goods unless bilateral trade agreements are negotiated. And while the specifics are still unclear (definitions of &#8220;localized&#8221; goods are unclear, enforcement remains uncertain), the intent is clear: limit China&#8217;s ability to bypass supply chains.
<h2 class="wp-block-heading">ETFs In The Firing Line</h2>
VNM, which was on a rally this year, is now likely to be hit by the headwinds of tariffs. The fund has a concentrated weight in manufacturing and industrial stocks that have gained directly from China&#8217;s trade diversion.
EWW, which jumped more than 30% from the end of 2022 to mid-2023 on hopes of nearshoring, could find itself entangled in a web of new compliance hurdles and export tension, particularly if the U.S. targets autos or electronics that depend on Chinese parts.
Even widely diversified emerging market funds such as Vanguard FTSE Emerging Markets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VWO#NYSE">VWO</a>) and iShares MSCI Emerging Markets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EEM#NYSE">EEM</a>) won&#8217;t be immune, considering their large exposure to these economies and the larger China-bordering trade complex.
Also Read: <a href="https://www.benzinga.com/markets/equities/25/07/46509701/nvidias-jensen-huang-charms-china-with-ai-diplomacy-as-tariff-tensions-linger">Nvidia&#8217;s Jensen Huang Charms China With AI Diplomacy as Tariff Tensions Linger</a>
<h2 class="wp-block-heading">But How Much Of A Threat Is It?</h2>
Of course, there&#8217;s a Belt-and-Road-size caveat: enforcement.
"Uncertainty clouds how rigorously the U.S. will be able to enforce transshipment restrictions. US definitions of localized goods remain vague, and details on verification are lacking," Bloomberg analysts conceded. Definitions are vague, verification mechanisms are missing, and global firms are old masters at the game of compliance or evasion.
For ETF investors, this translates to volatility potentially spiking; however, the longer-term trend hinges on whether an effective bite accompanies the bark. If Trump is more interested in instant bilateral bargains than blanket enforcement, the effect will be contained. However, if the approach snowballs into a tariff-drenched worldwide renegotiation of trade routes, the ripple effects will be difficult to hedge against.
<h2 class="wp-block-heading">Bottom Line</h2>
The next chapter in U.S.–China tensions won&#8217;t take place in Beijing or Washington, it might be written in the ports of Ho Chi Minh City and the factories of Tijuana. And for investors following emerging markets using ETFs, it may be every bit as crucial to grasp the new rules of origin as it is to follow fundamentals.
The China+1 tale isn&#8217;t over.
Read next: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/07/46549762/tesla-q2-earnings-could-be-a-shock-to-these-etfs-yet-they-are-riding-the-volts-and-jolts">Tesla&#8217;s Q2 Earnings Could Be A Shock To These ETFs, Yet They Are Riding The Volts And Jolts</a></li>
</ul>
Image: Shutterstock

Specialty ETFs

Trump Targets China's Backdoors—Vietnam And Mexico ETFs Could Pay The Price

Reuters Cites Mexican President Sheinbaum Saying US Has Not Formally Notified Mexico Of Possible Measures Against Mexican Airline Sector; There Is No Reason For Mexico To Receive Any Sanctions For Changes Made To The Capital's Airport System

Reuters Cites Mexican President Sheinbaum Saying That Mexico Will Announce "Other Measures" If An Agreement With U.S. Regarding New Tariffs Is Not Reached By August 1

<a href="https://www.bloomberg.com/news/articles/2025-07-14/trump-moves-to-impose-17-tariff-on-most-mexican-tomato-imports">https://www.bloomberg.com/news/articles/2025-07-14/trump-moves-to-impose-17-tariff-on-most-mexican-tomato-imports</a>

'Trump Moves to Impose 17% Tariff on Most Mexican Tomato Imports'- Bloomberg

<a href="https://www.youtube.com/watch?v=d1Mpp4DvWsg">https://www.youtube.com/watch?v=d1Mpp4DvWsg</a>

Mexican President Sheinbaum Says There Has Been "Very Important" Progress With The U.S. On Security Issues, An Agreement Has Almost Been Finalized; Says Security Agreement With U.S. Will Not Include The Entry Of U.S. Security Forces Into The Country

Mexican President Sheinbaum Talks About Trump's 30% Tariff Threat; Says We Have Done Our Part In The Fight Against Fentanyl, U.S Has To Do Its Part; Says Will Inform Little By Little, Monday She Is Meeting With The Team That Went To Washington And Our Minister Of Foreign Affairs; Says We Hope To Reach An Agreement Between Now And August 1st; Says Mexico Also Has A Plan For Tariffs

<a href="https://www.youtube.com/watch?v=d1Mpp4DvWsg">https://www.youtube.com/watch?v=d1Mpp4DvWsg</a>
&nbsp;

Mexican President Sheinbaum Talks About Trump's 30% Tariff Threat, Says We Have Done Our Part In The Fight Against Fentanyl, U.S. Has To Do Its Part; Will Inform Little By Little, Monday She Is Meeting With The Team That Went To Washington And Our Minister Of Foreign Affairs; We Hope To Reach An Agreement Between Now And August 1st; Mexico Also Has A Plan For Tariffs

The United States has announced sweeping new tariffs on imports from both Mexico and the European Union, citing unresolved trade imbalances and ongoing <a target="_blank" href="https://www.benzinga.com/news/politics/25/07/46380544/amid-trump-tariffs-us-customs-duty-collection-exceeds-100-billion-in-a-fiscal-year-for-the-first-time-report" rel="noreferrer noopener">issues with narcotics trafficking.</a>
In two <a href="https://truthsocial.com/@realDonaldTrump/posts/114840265771030416">letters </a>dated July 11, 2025, President Donald Trump notified the leaders of both regions that 30% tariffs would be levied on their goods beginning August 1, 2025. These <a href="https://truthsocial.com/@realDonaldTrump/posts/114840270617633946">letters </a>were posted in the President&#8217;s social media handle Truth Social. 
The tariffs—outlined in direct correspondence with Mexican President Claudia Sheinbaum and European Commission President Ursula von der Leyen—reflect a broad policy shift that places economic pressure on allies to address long-standing U.S. concerns over trade deficits, narcotics trafficking, and market access.
Also Read:<a target="_blank" href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/07/46381861/us-stocks-to-buy-in-q3-2025-wall-street" rel="noreferrer noopener"> Bank Of America Loves These 8 Stocks For Third Quarter—And Says To Dump These 2 Fast</a>
Trump emphasized that the 30% tariff on Mexican imports was partly a response to the country's continued failure to dismantle powerful drug cartels.
The White House warned that if Mexico attempts to sidestep the tariffs through transshipment or imposes retaliatory tariffs, those actions will trigger additional penalties.
However, Trump offered tariff exemptions to firms that relocate production to the United States, promising a fast-tracked approval process.
The European Union's letter criticized the bloc for its &#8220;non-reciprocal&#8221; trade policies and tariffs that have contributed to one of the U.S.'s largest trade deficits.
Trump stated the new tariff regime is a corrective step and will apply broadly to EU goods, excluding those already under sector-specific tariffs.
He assured that companies shifting operations to the U.S. would be spared and supported through expedited regulatory procedures.
In both letters, Trump signaled a willingness to engage—if counterparts take concrete steps to address U.S. concerns.
Here are five strong picks of publicly traded U.S. companies that stand to be affected by the new 30% tariffs on Mexico and the EU:
Deere &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DE#NYSE">DE</a>) – The agricultural equipment giant expects approximately $500 million in tariff-related costs affecting parts imported from Mexico and the EU, Thw Wall Street Journal <a target="_blank" href="https://www.wsj.com/articles/deeres-plans-for-offsetting-500-million-in-tariff-costs-79ae52d8" rel="noreferrer noopener">reported</a> in May.
General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) – Roughly 30% of General Motors vehicles sold in the U.S. during the first three quarters of 2024 were built in Canada and Mexico, CNBC <a target="_blank" href="https://www.cnbc.com/2025/03/27/gm-stock-trump-auto-tariffs.html" rel="noreferrer noopener">reported </a>in March.
With around half of its vehicles produced outside the U.S. and facing an estimated $4–5 billion in tariff exposure, the firm has adjusted its 2025 earnings forecasts downward and is boosting U.S. production<a target="_blank" href="https://www.benzinga.com/news/guidance/25/05/45133096/this-is-how-much-it-will-cost-general-motors-from-trumps-tariff-policy" rel="noreferrer noopener"> to offset impact .</a>
Ford Motor Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) – Ford's earnings are under pressure from higher steel, aluminum, and auto tariffs, with analysts warning that tariffs could cost billions and significantly affect its earnings—specifically due to its heavy parts crossing borders .
5. Whirlpool Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WHR#NYSE">WHR</a>) – With <a href="https://www.whirlpoolcorp.com/global-locations.html?utm_source=chatgpt.com" target="_blank" rel="noreferrer noopener">major </a>manufacturing hubs in Mexico for appliances and parts, a 30% tariff on imports would directly raise costs for Whirlpool's U.S. supply chain and potentially erode its retail margins.
These ETFs may bear the brunt of the new tariffs due to their significant exposure to cross-border manufacturing, European industrials, and Mexico-based production networks: iShares Inc iShares MSCI Mexico ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWW#NYSE">EWW</a>), SPDR DJ Euro STOXX 50 Etf (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>), and more.
Read Next:
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<li><a href="https://www.benzinga.com/personal-finance/management/25/07/46381494/mm-skittles-maker-rejects-rfk-jr-s-call-to-drop-synthetic-dyes-people-can-buy-alcohol-and-cigarettesbut-colored-candy-is-an-issue" target="_blank" rel="noreferrer noopener">M&amp;M, Skittles Maker Rejects RFK Jr.&#8217;s Call To Drop Synthetic Dyes — &#8216;People Can Buy Alcohol And Cigarettes…But Colored Candy Is An Issue?&#8217;</a></li>
</ul>
Image: Shutterstock/Lightspring

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Trump Targets Mexico, EU With 30% Tariffs

<a href="https://www.bloomberg.com/news/articles/2025-06-26/banxico-delivers-fourth-half-point-cut-as-recession-risks-linger?embedded-checkout=true">https://www.bloomberg.com/news/articles/2025-06-26/banxico-delivers-fourth-half-point-cut-as-recession-risks-linger?embedded-checkout=true</a>

'Banxico Delivers Fourth Half-Point Cut as Recession Risks Linger'- Bloomberg

<a href="https://www.bloomberg.com/news/articles/2025-06-17/sheinbaum-says-there-will-be-new-opportunity-to-meet-trump-soon?embedded-checkout=true">https://www.bloomberg.com/news/articles/2025-06-17/sheinbaum-says-there-will-be-new-opportunity-to-meet-trump-soon?embedded-checkout=true</a>

'Sheinbaum Says There Will Be New Opportunity to Meet Trump Soon'- Bloomberg

As Donald Trump approaches six months into his second presidential term, four foreign markets he vowed to penalize with heavy tariffs have not only withstood the threat, they've outpaced the S&amp;P 500 and America&#8217;s biggest tech giants <a href="https://www.benzinga.com/markets">by a wide margin.</a>
Since Jan. 20, 2025 — Trump's inauguration day — exchange-traded funds tracking Mexican, Canadian, eurozone and Chinese stocks have posted significant gains.
Such performance defied Wall Street&#8217;s overly pessimistic expectations at the start of the year, especially as these regions were seen as directly damaged by Trump's protectionist agenda. 
<h1 class="wp-block-heading">Equities in Mexico, Canada, Europe and China Defy Trump's Tariff Threats</h1>
The iShares MSCI Mexico ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWW#NYSE">EWW</a>) surged 28%, the iShares Large-Cap China ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) rose 21%, the iShares MSCI Eurozone ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EZU#NYSE">EZU</a>) gained 20%, and the iShares MSCI Canada ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWC#NYSE">EWC</a>) is up 11%.
Ironically, these four economies — responsible for the bulk of last year's trillion-dollar U.S. trade deficit — were key targets in the new administration's push to rebalance trade.
In contrast, the S&amp;P 500, as tracked by the Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>), has remained flat. 
Meanwhile, a widely followed basket of tech giants struggled to keep pace. The Roundhill Magnificent Seven ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAGS#NYSE">MAGS</a>) — which tracks the performance of Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>), Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) — declined by 3.4% over the same period.
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="527" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/12113317/image-199-1024x527.png" alt="" class="wp-image-947871" style="width:919px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/12113317/image-199-1024x527.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/12113317/image-199-300x154.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/12113317/image-199-768x395.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/12113317/image-199-1536x790.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/12113317/image-199-2048x1054.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Chart: TradingView, performance between Jan. 20, 2025 and June 12, 2025</figcaption></figure>
<h1 class="wp-block-heading">Markets Reversed Course After Trump&#8217;s Swearing-In</h1>
Leading up to Inauguration Day, the trajectory of global markets told a starkly different story. From Election Day on Nov. 5 through Jan. 20, investors moved defensively on regions perceived to be in Trump's crosshairs.
The Mexican ETF lost 6.5%, China's declined 5.8%, and eurozone and Canadian stocks treaded water. 
Meanwhile, the S&amp;P 500 rose 4.6%, and the tech-heavy Magnificent Seven soared 15%, buoyed by artificial intelligence euphoria. 
But the moment Trump reentered the Oval Office, the narrative shifted. Markets began reacting not just to political headlines but to tangible changes in fiscal and trade policy. 
The result: U.S. equities stalled, mega-cap tech lost momentum, and capital rotated toward the markets that had initially been expected to struggle under Trump&#8217;s second term.
One of the most striking reversals was Tesla.
Shares of the EV-maker had soared more than 70% between the election and inauguration, fueled by speculation that Elon Musk's collaboration with the Trump administration — via the Department of Government Efficiency — would have given his companies (also including SpaceX) inside access to major federal contracts.
But the alliance quickly soured, and Tesla's stock began a sharp downward spiral. 
Musk exited the DOGE in May and began openly clashing with Trump over fiscal priorities. Tesla shares have since plunged 25%, wiping out post-election gains. 
<h1 class="wp-block-heading">How The Dollar Slump Helped Flip Global Markets</h1>
Part of the market reversal that has occurred since January 2025 can be attributed to a sharp weakening in the dollar.
On Jan. 14, just days ahead of Trump's inauguration, the U.S. dollar index was at 110 — its strongest level since late 2022.
Fast forward six months, and the same index has slumped by 11%, hitting its lowest level in over three years.
This dollar drop is no coincidence. It reflects a growing market rethink around the U.S. relative economic strength, or what analysts call &#8220;American exceptionalism.&#8221;
Tariff tensions, a first-quarter recession, Moody's downgrade of the U.S. credit outlook and concerns over Trump's unfunded spending have eroded trust in the dollar's safe-haven role.
In aggregate, these dynamics have eroded confidence in the dollar as a safe-haven store of value, especially compared to equities in countries seen as "Trump's rivals."
The relative underperformance of U.S. markets and the dollar is forcing investors to reconsider a long-held assumption: that the U.S. economy and its markets would always lead during global uncertainty.
Foreign markets, once seen as fragile in the face of U.S. pressure, have emerged as relative winners, while America&#8217;s internal fractures raise doubts about long-term macro stability.
For now, markets have made their judgment: the real trade shock isn't abroad, it's at home.
Read now: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/economic-data/25/06/45902987/producer-inflation-rises-less-than-forecasts-in-may-jobless-claims-signal-labor-market-cracks">Producer Inflation Rises Less Than Forecasts In May, Jobless Claims Signal Labor Market Cracks (UPDATED)</a> Photo: Shutterstock<a href="https://www.benzinga.com/markets/economic-data/25/06/45902987/producer-inflation-rises-less-than-forecasts-in-may-jobless-claims-signal-labor-market-cracks"> </a></li>
</ul>

Emerging Markets

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Trump's First Six Months: These 4 Markets Crush S&P 500 As Tariffs Boomerang

<a href="https://www.bloomberg.com/news/articles/2025-06-10/us-and-mexico-near-deal-to-cut-steel-duties-and-cap-imports" title="https://www.bloomberg.com/news/articles/2025-06-10/us-and-mexico-near-deal-to-cut-steel-duties-and-cap-imports">https://www.bloomberg.com/news/articles/2025-06-10/us-and-mexico-near-deal-to-cut-steel-duties-and-cap-imports</a>

STLD

'U.S., Mexico Are Closing In On A Deal That Would Remove President Donald Trump's 50% Tariffs On Steel Imports Up To A Certain Volume' - Bloomberg News

Contracts

RHHBF

RHHBY

Watching Roche; Reuters Reports Statement From Co Stating It Plans To Invest Up To 4 Billion Pesos In Clinical Investigation In Mexico In Next 5-Years

Mexican stocks are charging ahead of their U.S. counterparts this year, setting the stage for their strongest outperformance versus the S&amp;P 500 since 2005, defying speculations that a Donald Trump administration would deal a<a href="https://www.benzinga.com/topic/mexico"> blow to Mexican assets. </a>
Through May 8, the iShares MSCI Mexico ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWW#NYSE">EWW</a>)—a key vehicle for U.S. investors to access Mexican equities—has surged 26%, while the S&amp;P 500, tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), has dropped 4.5%.
That's a staggering 30.5 percentage point lead in less than five months, rivaling the 37% annual outperformance seen in 2005—but at a much faster pace.
<h3 class="wp-block-heading">Mexican vs. US Stocks: YTD Performance (Through May 8, 2025)</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Index/ETF</th>
<th>YTD % Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>EWW (iShares MSCI Mexico)</td>
<td>+26.0%</td>
</tr>
<tr>
<td>SPY (SPDR S&amp;P 500)</td>
<td>-4.5%</td>
</tr>
<tr>
<td>Outperformance Gap</td>
<td>+30.5%</td>
</tr>
</tbody>
</table>
</figure>
<h3 class="wp-block-heading">Peso Recovery And Economic Resilience Fuel the Rally</h3>
The Mexican peso has appreciated 6.5% against the U.S. dollar so far this year, clawing back losses after a 23% decline in 2024. 
Meanwhile, the Mexican economy narrowly avoided a technical recession in the first quarter, while the U.S. economy contracted.
"Despite heightened domestic and external uncertainty, Mexico (barely) escaped entering a technical recession in 1Q25," said Alberto Ramos, economist at Goldman Sachs.
According to Ramos, strong trade flows into the U.S. ahead of anticipated import tariff changes supported activity in early 2025. However, he also flagged warning signs, with weakening business confidence and a downturn in manufacturing sentiment.
April's manufacturing PMIs showed clear contraction, particularly in new domestic and export orders.
<h3 class="wp-block-heading">Banxico In Easing Mode As Growth Risks Rise</h3>
Mexico's central bank has responded to the shifting macroeconomic landscape with monetary easing. Since July 2024, Banxico has cut rates by 200 basis points, bringing the policy rate down to 9%.
Since January, the pace of cuts has accelerated to 50 basis points per meeting. This comes amid rising global uncertainty, especially around the potential for renewed U.S. trade tensions under the Trump administration.
Analysts expect another 50-basis-point cut on May 9, assuming inflation trends continue to improve, suggesting further easing may be in the pipeline.
<h3 class="wp-block-heading">Top-Performing Mexican Stocks In 2025</h3>
Several Mexican equities have delivered stellar returns this year, with four stocks in the EWW ETF already posting gains above 50%:
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Company</th>
<th>YTD Performance</th>
<th>Description</th>
</tr>
</thead>
<tbody>
<tr>
<td>Operadora de Sites Mexicanos</td>
<td>+63%</td>
<td>Operates telecom towers and infrastructure; a major player in wireless expansion.</td>
</tr>
<tr>
<td>Industrias Peñoles</td>
<td>+59%</td>
<td>A mining firm with large exposure to silver, zinc, and precious metals.</td>
</tr>
<tr>
<td>Gentera</td>
<td>+57%</td>
<td>Provides microfinance and banking services to underserved markets.</td>
</tr>
<tr>
<td>Megacable Holdings</td>
<td>+53%</td>
<td>Offers broadband, TV, and telecommunications services across Mexico.</td>
</tr>
</tbody>
</table>
</figure>
A key contributor has also been Grupo Financiero Banorte, up 35% year to date and currently the largest holding in the EWW ETF, with an 11% weight.
Market breadth has been notably positive, with just 6 of the 47 EWW constituents posting losses this year through May 8.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/05/45266366/powell-flags-sharp-tariff-shock-elevated-uncertainty-fed-sticks-to-wait-and-see-mode">Powell Flags Sharp Tariff Shock, Elevated Uncertainty: Fed Sticks To &#8216;Wait-And-See&#8217; Mode</a></li>
</ul>
Photo: Shutterstock

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Mexican Stocks Post Biggest Outperformance Over Wall Street In 20 Years

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