Donald Trump announced Thursday that Mexico will receive a 90-day extension to finalize a trade deal, postponing the imposition of higher tariffs that were set to take effect August 1. Without the extension, Mexico would have faced a 35% tariff on a range of goods.
In a post on Truth Social following a conversation with Mexican President Claudia Sheinbaum, Trump confirmed that existing tariffs will remain in effect during the extension: 25% on cars and fentanyl-related products, and 50% on steel, aluminum, and copper.
“The complexities of a Deal with Mexico are somewhat different than other Nations because of both the problems, and assets, of the Border,” Trump wrote, adding that talks will focus on finalizing a deal within the new timeline.
Trump also said Mexico agreed to eliminate unspecified non-tariff trade barriers and emphasized continued cooperation on border security, drug enforcement, and immigration control.
While the administration recently secured deals with countries like South Korea and the European Union, some economists caution that ongoing tariffs could raise consumer prices if companies pass along the added costs.
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