Betting on Mexico’s currency has paid off for investors even amid Donald Trump’s trade war. The peso is up more than 11% this year, beating all regional peers, even as it dipped Monday following the latest tariff news — a threat of a 30% levy announced over the weekend.

The US president threatened to raise tariffs on goods imported from Mexico, its leading trading partner, to 30%. Mexican President Claudia Sheinbaum responded pragmatically to the announcement, as the Trump administration had already made 12 tariff-related announcements directly or indirectly targeting Mexico since January.