Countdown ends — Major Tariff Increases Set to Take Effect
"We had a very good call with US President Donald Trump. We avoided the Trump tariffs increase announced for tomorrow and achieved 90 days to build a long-term agreement based on dialogue," she writes.
We have more information on the developing story that the US has extended its import/export policies deal with Mexico for 90 days (which means some Mexican industrial goods will not be subject to higher tariffs starting 1 August).
Trump says he hopes a trade war can be reached with Mexico within that time frame. In addition to announcing the extension, Trump said in his post on Truth Social that Mexico has agreed to "immediately terminate its Non-Tariff trade deals Barriers".
"There will be continued cooperation on the Border as it relates to all aspects of Security, including Drugs, Drug Distribution, and Illegal Immigration into the United States," Trump writes.
Trump also notes a "much improved global trade impact with Mexican President Claudia Sheinbaum." The two leaders spoke by telephone Thursday morning, he writes.
"More and more, we are getting to know and understand each other," he says.
In a post on his social media platform Truth Social, President Trump has announced that he and Mexican President Claudia Sheinbaum have agreed to extend their current deal.
The latest trade negotiations between the US and Mexico is a "25% Fentanyl Tariff, 25% Tariff on Cars, and 50% Tariff on Steel, Aluminium, and Copper."
We'll have more on this story shortly.
Carney and Trump have been negotiating for months. After a productive meeting in the Oval Office, the situation became less clear as Trump threatened to raise their tariffs.
Both leaders said this month there would be no quick, China tariffs deal.
Trump also posted on social media Thursday morning that Canada's plan to recognise a Palestinian state will "make it very hard" to reach a deal.
For a more in-depth look at where things stand, you can check out an earlier post from Jessica Murphy in Toronto.
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