Mexican President Claudia Sheinbaum declared on Thursday, July 31st, that she secured a pause on new tariffs coming into effect and 90 days to work on a trade deal in a call with U.S. President Donald Trump.
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 the most preferential access to the U.S. market.
Source: Reuters
