2 days in, Trump is backtracking on his tariffs on Mexico
President Donald Trump is rolling back some of his tariffs on Mexico.
On Thursday, Trump said all Mexican USMCA-compliant goods are exempt from tariffs until April 2nd.
Trump did not have a similar announcement for Canada.
President Donald Trump on Thursday said he's granting a one-month tariff pause to a greater range of Mexican goods, just a day after handing automakers an even more sweeping reprieve.
"After speaking with President Claudia Sheinbaum of Mexico, I have agreed that Mexico will not be required to pay Tariffs on anything that falls under the USMCA Agreement," Trump wrote on Truth Social. "This Agreement is until April 2nd. I did this as an accommodation, and out of respect for, President Sheinbaum."
The USMCA, a trade deal negotiated between the US, Mexico, and Canada during Trump's first term as a replacement for the NAFTA trade pact, exempts most goods that are produced in the three signatory countries from most tariffs.
Trump did not immediately announce a similar deal for Canada. Trump spoke to Prime Minister Justin Trudeau on Wednesday. Trudeau later said it was a "colorful" conversation.
Trump's newest pause dovetails with the White House's efforts to calm markets. Shares on Wall Street tanked after Trump decided to forge ahead on Tuesday with his latest round of tariffs on Canada, Mexico, and China before rebounding on Wednesday as traders appeared to hope that further reduction in tariffs would be forthcoming.
Stocks slid on Thursday, with weakness in tech joining tariff concerns to bring the S&P 500 down as much as 2% in afternoon trading.
The White House has said the first round of tariffs are related to Trump's frustration with the nations failing to do more to stop the spread of fentanyl. Leaders of all three countries have disputed that claim.
The White House said the Big 3 US automakers — General Motors, Ford, and Stellantis — requested the earlier exemption for cars. That exemption applies to Canadian auto imports as well. At the time, White House press secretary Karoline Leavitt said Trump was open to cutting further deals.
Another round of tariffs targeting foreign agricultural goods and other products is set to go into effect on April 2. During his joint address to Congress, Trump mentioned South Korea, India, and the European Union as potential targets to even out what he views as unfair trade relations.
China and Canada immediately responded to Tuesday's announcement with retaliatory tariffs of their own. Mexico was originally set to implement their measures on Sunday.
Beijing has taken particular exception to Trump's actions. China's US embassy wrote on X that it was ready for a "war" of any kind.
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