{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Peso slumps as Ford cancels Mexico plant' data-url='/boclips/videos/6878ef41859c693875d0f4e0' data-video-url='/boclips/videos/6878ef41859c693875d0f4e0' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nPeso slumps as Ford cancels Mexico plant\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eMexico’s currency, the peso, tumbled again on Wednesday, hitting a new record low against the dollar after Ford cancelled plans to build a huge car-making plant in the country following criticism by President-elect Donald Trump.  In San...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eMexico’s currency, the peso, tumbled again on Wednesday, hitting a new record low against the dollar after Ford cancelled plans to build a huge car-making plant in the country following criticism by President-elect Donald Trump. \u003cbr/\u003e\u003cbr/\u003e In San Luis Potosi, where it was to be build, locals like Ana Rodriguez lamented the lost jobs: “We always do the work that they don’t want to do, so I want to see what will happen if he builds the factory in the United States, and see the Americans wanting to do the jobs that we were going to do, and of course it affects us a lot too because a lot of people who do not have work were going to have the opportunity, and now they no longer have that opportunity.”\u003cbr/\u003e\u003cbr/\u003e Ford insisted the change of plans was based on a decline in North American demand for small cars like those that would have been made at the Mexican plant and has nothing to do with Trump’s criticism.\u003cbr/\u003e\u003cbr/\u003e However Ford Chief Executive Mark Fields did tell reporters: “This is a vote of confidence for President-elect Trump and some of the policies he may be pursuing.”\u003cbr/\u003e\u003cbr/\u003e The Mexico plant would have meant investment of $1.6 billion (1.53 billion euros) and would have created 2,800 jobs. Instead Ford will expand its US plant in Michigan to produce electrified and automated vehicles at a cost of $700 million (668 million euros), creating 700 jobs.\u003cbr/\u003e\u003cbr/\u003e Cancellation costs\u003cbr/\u003e\u003cbr/\u003e The decision to cancel the Mexico plant means it will have to compensate the local government for infrastructure spending, though no figure has been made public. \u003cbr/\u003e\u003cbr/\u003e San Luis Potosi State Governor Juan Manuel Carreras said: “The state government and Ford Motor Company will proceed in accordance with the terms of the agreement in order to apply the agreed rules for early termination, which imply, in this case, a total refund by the company for all the money spent by the state government on this project to date.”\u003cbr/\u003e\u003cbr/\u003e Ford’s change of heart came just hours after Trump used Twitter to attack the biggest US carmaker General Motors over its production in Mexico. He threatened to impose big taxes on cars made there and then imported into the US. \u003cbr/\u003e\u003cbr/\u003e  General Motors is sending Mexican made model of Chevy Cruze to U.S. car dealers-tax free across border. Make in U.S.A.or pay big border tax!— Donald J. Trump (@realDonaldTrump) January 3, 2017\u003cbr/\u003e\u003cbr/\u003e He cannot actually do that under the terms of NAFTA – the North American Free Trade Agreement -which all but eliminated tariffs on goods shipped among Canada, the US and Mexico, but Trump plans to renegotiate or even scrap NAFTA, which would likely lead to retaliation by Mexico.\u003cbr/\u003e\u003cbr/\u003e GM said it sold about 190,000 Cruze cars in the United States in 2016. All of the sedan versions sold in the US, or about 185,500, were built at its plant in Lordstown, Ohio. About 4,500 hatchback versions of the Cruze were assembled in Mexico and sold in the United States.\u003cbr/\u003e\u003cbr/\u003e “GM builds the Chevrolet Cruze hatchback for global markets in Mexico, with a small number sold in the US” it said in a statement posted on its website.\u003cbr/\u003e\u003cbr/\u003e Contingency plans\u003cbr/\u003e\u003cbr/\u003e Trump’s GM comments marked his latest broadside aimed at an American company over jobs, imports and costs before he takes office on January 20, signalling an uncommon degree of intervention for an incoming US president into corporate affairs.\u003cbr/\u003e\u003cbr/\u003e James Nolt of the World Policy Institute said more companies are trying to prepare for Trump’s policy changes.\u003cbr/\u003e\u003cbr/\u003e “I’ve already read that Apple, for example, has done a contingency study to see how much it would cost if they moved manufacturing back from China to the United States,” Nolt said. \u003cbr/\u003e\u003cbr/\u003e “Other companies are probably doing the same sort of thing. They’re making contingency plans. What if Trump is really serious about this? How could it affect our costs? How could we reallocate production to be able to take advantage of this new environment? So, a lot of companies and people are assessing Trump to see whether he’s serious, or whether his campaign rhetoric was hollow, and I think, increasingly, the evidence is he’s serious.”\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator Rating\u003c/dt\u003e\n\u003cdd\u003e\u003cspan class=\"star-rating\" aria-label=\"3.5 out of 5 stars\" role=\"img\"\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star-half-stroke text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-regular fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003c/span\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt class=\"educator-rating-title\"\u003eEducator Rating\u003c/dt\u003e\u003cdd\u003e\u003cdiv class=\"educator-rating-details\" data-path=\"/educator_ratings/rrp_data?resourceable_id=91036804\u0026amp;resourceable_type=Boclips%3A%3AVideoMetadata\"\u003e\u003cspan class=\"not-yet-rated\"\u003eNot yet Rated\u003c/span\u003e\u003c/div\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eMedia Length\u003c/dt\u003e\n\u003cdd\u003e1:27\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eGrade\u003c/dt\u003e\u003cdd title=\"Grade\"\u003e9th - Higher Ed\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eSubjects\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?grade_ids%5B%5D=259\u0026amp;grade_ids%5B%5D=255\u0026amp;grade_ids%5B%5D=256\u0026amp;grade_ids%5B%5D=257\u0026amp;grade_ids%5B%5D=258\u0026amp;search_tab_id=1\u0026amp;subject_ids%5B%5D=358379\"\u003eSocial Studies \u0026amp; 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