U.S. President Donald Trump said he will suspend the 25% tariff on Mexico for one month.
President Trump signed an executive order on the same day exempting the items subject to the United States-Mexico-Canada Agreement (USMCA) from the '25% tariff' until the 2nd of next month for products imported from Mexico and Canada.
President Trump noted through social media, "I implemented this as a gesture of consideration and respect for President Sheinbaum," and added, "Our relationship is very good, and we are working hard together on border issues."
He added, "This is not only about stopping illegal immigrants from entering the United States but also relates to blocking the influx of fentanyl," and expressed gratitude for President Sheinbaum's efforts and cooperation.
This is the third time Trump has suspended the tariff on Mexico. He previously suspended the 25% tariff one day before its implementation on the 4th of last month and again postponed the tariff on cars coming from Mexico and Canada for another month on the 4th.
This action is interpreted as being in consideration of the adverse effects that high tariffs on Canada and Mexico may have on the U.S. economy. The imposition of high tariffs on these countries has also affected the U.S. economy, with stock prices of American firms plummeting.