President Donald Trump announced on Thursday that he is extending the existing tariffs with Mexico, America’s largest trading partner, and he will pause higher tariffs that were set to go into effect on Friday.
That means the status quo will continue, in which goods from Mexico are taxed at 25%, unless they are compliant with the United States-Mexico-Canada trade deal Trump signed under his first term. In those instances, goods won’t face any tariffs, barring certain sectoral tariffs in place.
“I have just concluded a telephone conversation with the President of Mexico, Claudia Sheinbaum, which was very successful in that, more and more, we are getting to know and understand each other,” Trump said in a Truth Social post. “The complexities of a Deal with Mexico are somewhat different than other Nations because of both the problems and assets of the Border. We have agreed to extend, for a 90-day period, the exact same Deal as we had for the last short period of time.”
It’s unclear whether there will be exclusions on certain goods for the other countries Trump has sent letters to heads of state threatening to raise tariffs. This is a developing story and will be updated.
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