Mexico's remittances drop by 4.6%, as the U.S. contemplates a 1% tax on transfers.

Mexico saw a 4.6% drop in remittances in May compared to last year, with the U.S. considering a 1% tax on cash transfers. Mexico, the second-largest recipient of remittances globally, mainly receives funds from workers in the U.S. The proposed tax has not been finalized and could lead to reimbursement plans by Mexico if implemented.