Trump announces a 90-day tariff extension with Mexico
In a post on his social media platform Truth Social, Trump said he and Mexican President Claudia Sheinbaum have agreed to extend the terms of their current agreement.
US President Donald Trump has announced a 90-day extension on proposed tariffs for Mexico, offering a temporary reprieve as countries rush to negotiate trade deals before a looming deadline, reports BBC.
In a post on his social media platform Truth Social, Trump said he and Mexican President Claudia Sheinbaum have agreed to extend the terms of their current agreement.
President Claudia Sheinbaum on X wrote, "We had a very good call with US President Donald Trump. We avoided the tariff increase announced for tomorrow and achieved 90 days to build a long-term agreement based on dialogue."
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The existing deal includes a 25% tariff on fentanyl-related products, a 25% tariff on cars, and a hefty 50% tariff on steel, aluminium, and copper.
The announcement comes just hours before the initial deadline, as several nations continue to scramble to avoid the sweeping new tariffs that Trump first proposed in April.
The tariff plan had triggered widespread concern in global markets and raised fears of a new wave of protectionism.
Countries that fail to secure bilateral trade deals with the United States by Friday face significant penalties, with Brazil among those at risk of being hit with tariffs as high as 50%.
