US President Donald Trump announced on Thursday that he has agreed with Mexican President Claudia Sheinbaum to extend their current trade deal for 90 days while they negotiate a new trade deal.
The current trade deal includes Mexico continuing to pay “25% Fentanyl Tariff, 25% Tariff on Cars, and 50% Tariff on Steel, Aluminum, and Copper.” Trump added that “Mexico has agreed to immediately terminate its Non Tariff Trade Barriers.”
Sheinbaum stated on X that they avoided Trump’s tariff increase, issued by executive order on the same day, and gained 90 days to build a long-term agreement through dialogue.
Trump’s executive order imposes an increase in tariff rates on 69 foreign jurisdictions and goes into effect on August 7. Most of the tariff increases range from 15 percent to 25 percent.
When issuing the executive order, Trump stated:
I have received additional information and recommendations from various senior officials on, among other things, the continued lack
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