Walmart to Invest $1.3 Billion in Mexico

Walmart on Wednesday announced plans to invest $1.3 billion in Mexico, even as President-elect Donald Trump threatens to crack down on companies moving money and jobs abroad. The retail giant intends to build new distribution centers and expand on existing ones, creating more than 10,000 jobs, Walmart’s Mexico director Guilherme Loureiro said in comments carried by Agence France-Presse. Loureiro announced the news alongside Mexican President Enrique Pena Nieto, who said the investment was a major boost at a time of “great uncertainty and big risk-aversion,” a comment apparently referencing Trump. Walmart already has 2,300 stores in the country and plans to open another 1,000 over the next ten years. The announcement of even more investment in the country may be a slap in the face for Trump, who has not only lashed out at Mexico but also vowed to punish any U.S. companies that move jobs overseas.