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The election of Andrés Manuel López Obrador on Sunday marked a historic moment for the Mexican left-and a potential shift for U.S. -Mexico relations. The lawyer and economist is the candidate of the ruling Institutional Revolutionary Party, which had been in power for 70 years until the election of Vicente Fox of the National Action Party in 2000.

Investors have always been expecting a victory by Lopez Obrador, who held double-digit leads in polls for months.

People cast their vote during the presidential election on a polling station in Xochimilco, Mexico City on July 1, 2018.

In an interview with the Televisa news network, Lopez Obrador did not provide specifics on what an "understanding" with the Trump administration might look like, except to emphasize the need for mutual respect and co-operation between the two neighbours. Lopez Obrador had been compared to Trump for his populist, nationalist rhetoric and sometimes touchy personality - as well as his past skepticism about the trade deal.

Now, Trudeau is reaching out to the new president in the hopes of maintaining a united approach with Mexico when talks do resume with the United States.

During a May debate, AMLO said he wants "a friendly relationship with the government of the United States, but not one of subordination".

This is the first presidential election for Lopez Obrador's party, the National Regeneration Movement (MORENA), which has formed a coalition with the left-wing Labor Party and right-wing Social Encounter Party.

Carlos Urzua, Lopez Obrador's pick to be his finance minister when he takes office on December 1, told Reuters on Monday that the new government will aim to reform the pension system and to reduce costs at Pemex during its six-year term.

When the veteran Mexican Left-winger lost the election to Felipe Calderon by less than a percentage point in 2006, and accused the government of electoral fraud, Mr Corbyn declared him the legitimate president.

Exit polls gave its candidate Claudia Sheinbaum as the new Mexico City mayor, while the party was also expected to win governorships in the states of Chiapas, Tabasco and Morelos.

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Polls are beginning to close across much of Mexico or Sunday's presidential election.

According to a poll by Oraculus, Lopez Obrador was favored by 48.1 percent of voters.

Mexico's new president will have to deal with his United States counterpart, President Donald Trump, along with his threats to pull out of the North American Free Trade Agreement and his calls for the construction of a border wall.

Ediane Da Costa Pereira is a Brazilian who became a naturalized citizen in Mexico and voted Sunday in Tijuana, across the border from San Diego.

Lopez Obrador, also known as AMLO, won over supporters with an anti-establishment platform and promises to clean up corruption, combat soaring crime levels and help millions get out of poverty.

"I have been surprised by the complacency around the win by Lopez Obrador, but there is a mindset of giving him the benefit of the doubt", Lawrence said.

Seeking to soothe, he has recruited a team of market-friendly advisers and backpedaled on his most controversial proposals, including reversing outgoing President Enrique Pena Nieto's landmark energy reform, which privatized the oil sector.

"The fundamental problem is that this country has a huge demand for drugs", she said.

Lopez Obrador has repeatedly promised just that, though some businesspeople have been skeptical.