PERUVIANS overwhelmingly rejected President Alejandro Toledo's market reforms when they recently voted into local offices opposition figures and independents. In Venezuela, another national strike is brewing -- the last one nearly drove President Hugo Chavez from office. Brazilians are awaiting the social reforms promised by their new president, a political leftist and former union leader. Uruguay is banking on an international aid package to protect it from Argentina's fiscal woes.

And this was to be the "century of the Americas"?

That was George W. Bush's pledge when he entered the White House. But last year's terrorist attacks in New York and Washington and Iraqi President Saddam Hussein's abiding interest in weapons of mass destruction have diverted the attention of the Spanish-speaking American president. Even Mr. Bush's interest in Mexico has waned, despite his chummy relationship with President Vicente Fox.

The war on terrorism remains a priority for the president. And the Bush administration's intense focus on Iraq is unlikely to change now that international weapons inspectors have returned to Baghdad. The inspections will lead either to the disarmament of Iraq or to a new Persian Gulf war.

That said, U.S. foreign policy has always tended to be Eurocentric, Middle East-obsessed and Asia-focused, regardless of who occupied the White House. Actually, a Bush presidency held out hope of improved U.S.-Latin American relations primarily because of the former Texas governor's personal interest in events south of the border.

Mr. Bush's vision of "a century of the Americas" was built on the expectation of a Pan-American free trade agreement. But the president's support of protectionist steel tariffs earlier this year (though he did exempt Mexico from the restrictions) raised questions about the motivations behind his trade policies.

Speaking of Mexico, relations between the two countries have cooled. U.S. concerns over water rights and terrorism-related border issues have superceded President Fox's push for immigration reforms that would benefit 3 million Mexicans who are illegally in this country. Secretary of State Colin L. Powell and an American delegation are due to arrive in Mexico City today for two days of talks.

If the U.S.-Mexico relationship is as important as President Bush once claimed, the administration should demonstrate that interest by taking up a residency-status proposal suggested by the new American ambassador to Mexico, Tony Garza. The proposal would grant legal residency -- under certain conditions -- to about 12 to 15 percent of illegal Mexicans now in the States. It's not citizenship, but it would be a start.

The changes occurring in Latin America these days cannot be ignored, even with the war on terrorism under way. The Bush administration doesn't need a catchy slogan -- "a century of the Americas" -- to foster good relations on the continent. What's required is a cogent, consistent policy that balances the socioeconomic and political needs of such capitals as Mexico City and Brasilia with interests at home.