Mexico's economy appears on track to contract in the first quarter, entering a technical recession, according to analysts, as U.S. President Donald Trump’s on-again, off-again tariffs wreak havoc on growth that was already weakening.

The drop in investor and consumer confidence might lead to lower spending and production levels, deepening the impact on strategic sectors.

China’s exports to developing markets have soared, opening indirect routes to the U.S. market that officials in Beijing worry may be closed under pressure from President Trump.