Please verify

Blaze Media
Watch LIVE

Trump snub? Wal-Mart announces $1.3 billion investment in Mexico, creating 10,000 new jobs

Wal-Mart signage is seen in the parking lot of the store in Mexico City. (Daniel Aguilar/Getty Images)

While President-elect Donald Trump is celebrating his victories with the Carrier deal and an investment from a Japanese tech company, he might not welcome the news from Wal-Mart that they're investing more in Mexico.

The announcement came from Walmart Mexico Director Guilherme Loureiro on Wednesday as he stood next to Mexican President Enrique Pena Nieto. The investment includes $1.3 billion and will result in 10,000 new permanent jobs over the next few years.

From Reuters:

"It will involve the building of new distribution centers, as well as the expansion of ones we already have," he said at an event with President Enrique Pena Nieto at the president's office.

Loureiro said the company had already invested 80 billion pesos ($3.93 billion) in the past four years.

Mexico is one of the company's most profitable markets as it has become the country's largest retailer. The announcement was met with the expectation that Trump would take it as a snub and saw many on social media expecting a Twitter reaction soon. Trump has been a vehement critic of the NAFTA agreement that opened up trade with Mexico, calling it "the worst deal ever made." On Tuesday, he assailed Boeing for making too much money off their contracts with the government, resulting in a slight dip in their stock price. Will he take this as a snub from Walmart and react accordingly?

Most recent
All Articles