The peso was tumbling Thursday after Mexico’s president, Enrique Peña Nieto, announced he had canceled a meeting scheduled for next week with US President Donald Trump, in Washington D.C., Gazeta.ru news site of Russia reported citing the Business Insider.

The peso was down by 1.2 percent, whereas the Mexican national currency had been up some hours before the announcement of the cancelation of this meeting.

“This morning we have informed the White House that I will not attend the meeting scheduled for next Tuesday with the @POTUS,” Peña Nieto had tweeted, according to an online translation.

That followed a tweet sent earlier on Thursday morning from Trump's personal Twitter account that said: “If Mexico is unwilling to pay for the badly needed wall [to be built between the US and Mexico], then it would be better to cancel the upcoming meeting.”