(Bloomberg) -- Mexico's President Andres Manuel Lopez Obrador named a former tax chief who oversaw a crackdown on big companies that allegedly benefited from tax schemes to replace Tatiana Clouthier as economy minister.
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Raquel Buenrostro, announced by Lopez Obrador during his morning news conference Friday, has brought billions of dollars to public coffers through settlements with companies. She has spearheaded a prolonged court battle with some of Mexico's most influential businessmen, though plans to increase revenue were limited by the govermnent's multi-billion-dollar gasoline subsidy in 2022.
Walmart de Mexico was among companies that paid, coughing up 8.1 billion pesos in one of the biggest tax settlements.
Buenrostro studied mathematics at the National Autonomous University of Mexico and went on to earn a master's in economy at the Colegio de Mexico (Colmex). She served as a deputy general manager in the Finance Ministry and worked on Mexico City's fiscal policy, in addition to taking on roles in the education ministry, the tourism ministry, and the state oil company.
Clouthier, who announced unexpectedly on Thursday that she was resigning, had been one of the people in charge of navigating Mexico's major disputes with its trade partners. She had championed Mexico's role in the growing electric vehicle industry and sought to entice semiconductor companies. She was also tasked with defending Lopez Obrador's controversial energy policies.
Read More: Mexico's Economy Minister Resigns Amid US Energy Dispute
"No minister of AMLO's has been capable of making him change his opinion, especially when it comes to question of recouping state power of the energy sector," said Joan Enric Domene Camacho, senior economist at Oxford Economics. "There have been two economy ministers, and there have already been three finance ministers."
Mexico's initiatives to expand the role of state energy companies and curtail the reign of private businesses had become a point of disagreement with the U.S. and Canada. The northern countries filed a complaint in July alleging that the current administration has discriminated against foreign companies. All three parties agreed to extend the current talks this week.
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