Mexican Finance Minister Rogelio Ramirez de la O resigned from office, two sources close to the situation told us. His resignation comes even though he had said he would remain under the presidency of Claudia Sheinbaum to ensure financial stability.

Edgar Amador Zamora, the current deputy finance minister, has been selected as his replacement, the sources confirmed. The finance ministry has not issued an official announcement on the resignation or its causes.

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Ramirez de la O, who was hired by then-President Andres Manuel Lopez Obrador, was instrumental in assuring investors of Mexico’s economic direction. In June last year, he vowed to stay in office to commit to debt reduction and uphold fiscal restraint under the stewardship of Sheinbaum. His sudden exit has, however, sowed seeds of policy uncertainty.

The shift in leadership at the finance ministry comes at a time of acute importance for the Mexican economy. The nation risks trade tensions with the United States after President Donald Trump imposed tariffs of 25% on nearly all Mexican and Canadian imports last week. Even though Trump temporarily waived the tariffs on Thursday, the exemptions run out on April 2, when he has vowed to enforce a sweeping reciprocal tariff policy on all US trading partners.

Mexico, Latin America’s second-largest economy, is highly dependent on trade with the US, so these possible tariffs are a major issue for policymakers and companies. How the finance ministry responds to these economic issues will be watched closely, particularly with a new minister in charge.

The reshuffle was initially reported by local news outlets, and more information about the transition is due to emerge in the next few days.