US extends existing tariffs on Mexico

US President Donald Trump announced that a new agreement had been reached with Mexico just hours before new tariffs of up to 50 percent on many countries were set to take effect. Trump announced that the tariffs currently in effect with Mexico have been extended for a period of 90 days.

Stating that he had a very successful phone call with Mexican President Claudia Sheinbaum, Trump said, "We are getting to know and understand each other more and more." Noting that a trade agreement with Mexico is more complex than with other countries due to border issues, Trump said, "We have agreed to extend the same agreement for a 90-day period, under which Mexico will continue to pay a 25 percent fentanyl tariff, a 25 percent automobile tariff, and a 50 percent tariff on steel, aluminum, and copper."

Stating that Mexico has agreed to immediately remove a large number of non-tariff trade barriers, Trump said, "We aim to sign a trade agreement by negotiating with Mexico over the next 90 days."

Trump emphasized that cooperation will continue regarding all aspects of security at the Mexican border, including drugs, drug distribution, and illegal immigration.