Import tariffs in the US on products from Mexico are being postponed for one month. This was announced on the social network "Ex" (X) by Mexican President Claudia Sheinbaum, after talking with her American counterpart Donald Trump. Sheinbaum's statement was confirmed by the White House, the Associated Press reported, quoted by BTA.
In a post on social media, Trump confirmed that he is temporarily suspending the entry into force of tariffs on imports from Mexico, and that negotiations to reach a "deal" between the two countries will continue.
He intends to participate in the negotiations together with the heads of American institutions, the Treasury Department and the Commerce Department.
"Mexico will immediately reinforce the northern border with 10,000 members of the National Guard to stop the trafficking of drugs from Mexico to the United States, especially fentanyl", the Mexican head of state wrote on the social network "Ex".
"The United States is committed to working to stop the trafficking of large-caliber weapons to Mexico", Sheinbaum also wrote in his post.
We had a good conversation with President Trump with great respect for our relationship and sovereignty; llegamos a una serie de acuerdoes:
1.México reinforcerá la frontera norte con 10 mil elements de la Guardia Nacional de forma immediata, para evitar el traáfico de drogas…— Claudia Sheinbaum Pardo (@Claudiashein) February 3, 2025
The Mexican president added that the two countries would continue talks related to security and trade and that "tariffs are paused for a month".
Trump's tariffs on imports from China and Canada remain in effect and are set to take effect tomorrow, February 4, the AP added.
Trump said yesterday that the tariffs would be lifted if Canada and Mexico do more to tackle illegal immigration and smuggling of fentanyl.
The United States can no longer sustain a trade imbalance with its two largest trading partners, Trump added.
Over the weekend, the US president signed an executive order imposing tariffs on imports from Mexico, Canada and China. He declared an economic emergency to impose a 10 percent tariff on all imports from China, on top of the current tariff, and a 25 percent tariff on imports from Mexico and Canada, with the exception of Canadian oil, which is subject to a 10 percent tariff. The new tariffs were set to take effect tomorrow, February 4.
"Read the executive order, in which President Trump was very clear that this is not a trade war," said Kevin Hassett, director of the Trump administration's National Economic Council, adding that "this is a war on drugs.".
Many economists outside the administration have warned that the new tariffs will raise prices and hinder economic growth.
The United States is unlikely to fall into recession this year, but the tariffs will hurt growth and raise the cost of government borrowing, potentially keeping mortgage and auto loan rates high, said Joe Brusuelas, chief economist at consultancy RSM.
"If there is no resolution, the impact on the U.S. economy will be "significantly," he added. "Growth will slow significantly from an average of 2.9 percent over the past three years as inflation and interest rates rise. The yield on 10-year government bonds, currently around 4.5 percent, could rise to a range of 4.75-5 percent," Brusuelas explained.