U.S. President Donald Trump and Mexican President Claudia Sheinbaum said Monday that their planned tariffs were on hold for a month to give time for further negotiations. The statement was confirmed by the White House.
Trump’s tariffs against Canada and China are still slated to go into effect on Tuesday.
Here's the latest:
Import taxes still in place for Canada and China
Trump’s tariffs against Canada and China are still slated to go into effect on Tuesday. He posted on social media that he spoke Monday morning with Canadian Prime Minister Justin Trudeau and would “be speaking to him again at 3:00 P.M.”
Wall Street is paring its losses after Mexico announces tariffs delay
Wall Street is paring its losses after Mexico’s president said the United States will delay its tariffs on Mexican imports by a month, easing some of the worries about a potential trade war.
The S&P 500 was down 0.7% in Monday morning trading after being down as much as 1.9% earlier. The Dow Jones Industrial Average was down 99 points, or 0.2%, as of 11 a.m. Eastern time, and the Nasdaq composite was 1% lower.
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Mexico to send National Guard to its northern border
“Mexico will reinforce the northern border with 10,000 members of the National Guard immediately, to stop drug trafficking from Mexico to the United States, in particular fentanyl,” Mexican President Claudia Sheinbaum said in a post on the social platform X.
She added that the U.S. had committed to “work to stop the trafficking of high powered weapons to Mexico.”
US and Mexico agree to delay tariffs
Mexico and the United States have agreed to suspend the threatened tariffs for one month as Mexico immediately deploys 10,000 members of its National Guard to their shared border to battle drug trafficking, especially fentanyl.
President Claudia Sheinbaum said that Mexico had requested a call with Trump since Friday. The U.S. president called at 8 a.m. (Mexico) on Monday. He and Sheinbaum spoke for more than half an hour.
The U.S. committed to doing more to stop the trafficking of guns into Mexico and both countries have established teams to continue discussing security and trade issues going forward, Sheinbaum said.
Trump asked how long she wanted to pause it and she suggested forever, but he said Mexico could have a month to show results.