COVER STORY The tone, the symbolic gestures and the policy promises of the US president-elect have left Latin American observers confused and concerned. Katie Llanos-Small asks what concrete steps the incoming administration might take and what the implications are for Latin America The Trump question Citibanamex can't catch a break. It has been hammered by a fraud scandal, had its management shaken up and weathered a lengthy period of uncertainty over whether its parent would hang a for-sale sign above it. The Mexican lender looked to be putting those worries behind it last year, when Citigroup in the US announced a billion-dollar investment in the bank. Then the US election changed things again. With the future of trade and foreign policy towards Mexico murky, Citi's chief financial officer told investors the bank might adjust the speed of the planned investment. John Gerspach said Citi was "broadly constructive" on Mexico, and still plans to make the investment by 2020. Yet his suggestion that cash infusions will be slower at the start of that period highlights the depth of concern across the emerging markets concerning the policies of Donald Trump. The US president-elect campaigned vigorously on an agenda of protectionism, vowing to rip up trade agreements and slap tariffs on imports. His most extreme campaign-trail promises would spell economic and political chaos for Mexico, Latin America and emerging markets as a whole. Observers don't expect the administration that takes power on January 20 to push ahead with all of its campaign rhetoric. But sifting which actions will be implemented and January/February 2017- L ATINFINA NCE.COM 13http://www.LATINFINANCE.COM