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Mexican President Claudia Sheinbaum said that after a conversation with U.S. President Donald Trump that the planned tariffs are on hold for a month. The statement was confirmed by the White House.
Trump’s tariffs against Canada and China are still slated to go into effect on Tuesday.
President Donald Trump posted earlier on social media that he spoke Monday morning with Canadian Prime Minister Justin Trudeau and would speak with him again at 3 pm.
Meanwhile, worries about Trump’s tariffs are sending U.S. stocks through sharp swings and cryptocurrency prices took a hit from the prospect of a trade war between the U.S. and its major trading partners.
The following are more developments reported by AP…
US and Mexico agree to delay tariffs
By CHRISTOPHER SHERMAN
Mexico and the United States have agreed to suspend the threatened tariffs for one month as Mexico immediately deploys 10,000 members of its National Guard to their shared border to battle drug trafficking, especially fentanyl.
President Claudia Sheinbaum said that Mexico had requested a call with Trump since Friday. The U.S. president called at 8 a.m. (Mexico) on Monday. He and Sheinbaum spoke for more than half an hour.
Mexico to send National Guard to its northern border
By The Associated Press
Mexican President Claudia Sheinbaum gives her morning news conference at the national palace in Mexico City, Monday, Feb. 3, 2025. (AP Photo/Marco Ugarte)
Mexican President Claudia Sheinbaum gives her morning news conference at the national palace in Mexico City, Monday, Feb. 3, 2025. (AP Photo/Marco Ugarte)
“Mexico will reinforce the northern border with 10,000 members of the National Guard immediately, to stop drug trafficking from Mexico to the United States, in particular fentanyl,” Mexican President Claudia Sheinbaum said in a post on the social platform X.
She added that the U.S. had committed to “work to stop the trafficking of high powered weapons to Mexico.”
Wall Street is paring its losses after Mexico announces tariffs delay
By STAN CHOE
A sticker supporting President Donald Trump is displayed on the floor at the New York Stock Exchange in New York, Monday, Feb. 3, 2025. (AP Photo/Seth Wenig)
A sticker supporting President Donald Trump is displayed on the floor at the New York Stock Exchange in New York, Feb. 3, 2025. (AP Photo/Seth Wenig)
Wall Street is paring its losses after Mexico’s president said the United States will delay its tariffs on Mexican imports by a month, easing some of the worries about a potential trade war.
The S&P 500 was down 0.7% in Monday morning trading after being down as much as 1.9% earlier. The Dow Jones Industrial Average was down 99 points, or 0.2%, as of 11 a.m. Eastern time, and the Nasdaq composite was 1% lower.
Import taxes still in place for Canada and China
By JOSH BOAK, CHRISTOPHER SHERMAN
Trump’s tariffs against Canada and China are still slated to go into effect on Tuesday. He posted on social media that he spoke Monday morning with Canadian Prime Minister Justin Trudeau and would “be speaking to him again at 3:00 P.M.”
China renews threat to retaliate against US tariffs
By The Associated Press
U.S. President Donald Trump’s trade war with Canada, Mexico and China is ramping up over the production and importation of the opiate fentanyl, along with trade surpluses and illegal border crossings by migrants from across the globe.
China, meanwhile, has reiterated its threat to take “necessary countermeasures to defend its legitimate rights and interests” following Trump’s decision to impose 10% tariffs on China for allegedly doing too little to stem the production of precursor chemicals for fentanyl.
Trump hits pause on tariffing Mexico, but imports from Canada and China could still face new taxes
By JOSH BOAK
President Donald Trump is pausing his tariffs planned for Mexico by one month, giving time for negotiations as Mexican President Claudia Sheinbaum said she would deploy 10,000 members of her country’s national guard to the shared border to stop drug trafficking.
But as of now, the taxes on imports from Canada and China are still scheduled to go forward on Tuesday. Trump said he plans to speak at 3 p.m. EST with Canadian Prime Minister Justin Trudeau. Their previous conversation on Monday morning led to a social media post by Trump that attacked Canada for not allowing U.S. banks as he continues to list grievances.
Both Canada and Mexico have counter-tariffs prepared should Trump impose the taxes.
The tariffs carry the risk of higher inflation and slower economic growth.
But Trump has said he also plans to threaten tariffs against countries in the European Union.
Canadians doubt that Trump will agree to pause his tariffs
By JOSH BOAK
With U.S. President Donald Trump set to tariff imports from Canada on Tuesday, a senior Canadian official said the country is not confident it can avoid the looming tariffs as Mexico did with a one-month pause for negotiations.
That’s because it feels like Trump’s goalposts shift more for Canada than for Mexico. The official spoke on condition of anonymity to discuss private conversations.
Trump is slated to speak at 3 p.m. EST with Canadian Prime Minister Justin Trudeau. The two leaders spoke Monday morning and Trump told reporters gathered in the Oval Office on Monday that Canada had not been treating the United States well.
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