INTERNATIONAL
Sheinbaum says Mexico secures new tariff reprieve, 90 days to strike trade deal
Mexican President Claudia Sheinbaum says she secured a 90-day pause on new US tariffs after a call with US President Donald Trump. - REUTERS/Filepic
MEXICO CITY: Mexican President Claudia Sheinbaum said on Thursday that she secured a pause on new tariffs coming into effect and a 90-day period to work on a trade deal in a call with U.S. President Donald Trump.
AI Brief
The agreement avoids the 30% tariffs that had been set to come into force on Friday.
Speaking in a regular press conference after the announcement, Sheinbaum said the pause safeguards the U.S.-Mexico-Canada Agreement (USMCA) and means goods compliant with the pact will continue to be exempt from the 25% tariffs Trump imposed earlier this year due to the fentanyl crisis.
Approximately 85% of Mexican exports comply with the rules of origin outlined in the USMCA, according to Mexico's economy ministry.
Economy Minister Marcelo Ebrard, speaking alongside Sheinbaum, said Thursday's agreement brought the countries closer to securing a long-term trade agreement.
"All of this was achieved without a single concession on Mexico's part," said Ebrard. "It's a great achievement."
Both Sheinbaum and Ebrard stressed that the pause means Mexico continues to be one of the countries in the world with most preferential access to the U.S. market.
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AI Brief
- Mexico reached a deal with the US to avoid 30% tariffs, keeping USMCA-compliant goods exempt from earlier 25% duties.
- Officials say the agreement required no concessions and strengthens Mexico's position in future trade talks.
- About 85% of Mexican exports meet USMCA rules, ensuring continued access to the US market under favorable terms.
The agreement avoids the 30% tariffs that had been set to come into force on Friday.
Speaking in a regular press conference after the announcement, Sheinbaum said the pause safeguards the U.S.-Mexico-Canada Agreement (USMCA) and means goods compliant with the pact will continue to be exempt from the 25% tariffs Trump imposed earlier this year due to the fentanyl crisis.
Approximately 85% of Mexican exports comply with the rules of origin outlined in the USMCA, according to Mexico's economy ministry.
Economy Minister Marcelo Ebrard, speaking alongside Sheinbaum, said Thursday's agreement brought the countries closer to securing a long-term trade agreement.
"All of this was achieved without a single concession on Mexico's part," said Ebrard. "It's a great achievement."
Both Sheinbaum and Ebrard stressed that the pause means Mexico continues to be one of the countries in the world with most preferential access to the U.S. market.