US president Donald Trump has paused putting higher tariffs on Mexico.Trump agreed on Thursday to extend his tariff deadline with Mexico for a 90-day period to allow more time for negotiations after a "very successful" phone conversation with Mexican president Claudia Sheinbaum."We have agreed to extend, for a 90-day period, the exact same deal as we had for the last short period of time, namely that Mexico will continue to pay a 25% fentanyl tariff, 25% tariff on cars and 50% tariff on steel, aluminum, and copper," Trump wrote in a post on Truth Social."We will be talking to Mexico over the next 90 days with the goal of signing a trade deal somewhere within the 90-day period of time, or longer.".Additionally, Trump said Sheinbaum has agreed to immediately terminate Mexico’s non-tariff trade barriers, “of which there were many," though he did not specify which ones he meant.Earlier this month, Trump had threatened to impose a 30% duty on Mexico beginning August 1.The Trump administration has already raised tariffs to 25% on Mexican goods earlier this year, but has exempted a significant portion of imports that are compliant with the terms of the US-Mexico-Canada Agreement, a deal the president has expressed displeasure with in the past..Sheinbaum echoed Trump's sentiments on X, saying, "We had a very good call ... We avoided the tariff increase announced for tomorrow and secured 90 days to build a long-term agreement through dialogue.".Trump did say, however, "the complexities of a deal with Mexico" make it "somewhat different than other nations because of both the problems and assets of the border."This development comes in light of recent trade talks between Trump and Prime Minister Mark Carney, with the Canadian leader saying Wednesday that negotiations may not conclude by the president’s August 1 deadline.Trump had previously sent a letter to Carney threatening to impose 35% tariffs if Canada didn’t make a deal by Friday.Canada is currently being hit hard with Trump's Section 232 tariffs on aluminum, automobiles, and steel. Executive orders the president signed on July 30 for 50% tariffs on semi-finished copper products are set to go into effect on August 1..Due to a high level of spam content being posted in our comment section below, all comments undergo manual approval by a staff member during regular business hours (Monday - Friday). Your patience is appreciated.
