President Trump said Thursday he was delaying tariffs for about a month on Mexican imports, which are subject to the North American trade agreement signed during his first term.
Trump Posted on Truth Social Items that fall under the US-Mexico-Canada Agreement (USMCA) will be exempt from the 25% tariffs imposed on imports from Mexico and Canada this week. The delay will continue until April 2nd. At that point, Trump had pledged to impose mutual tariffs on all countries that owed US imports.
“I respected this as an accommodation and President Sinbaum,” Trump posted, saying he spoke to the Mexican president. “Our relationship is very good and we work hard at the border in terms of stopping illegal foreigners from entering the US and also stopping fentanyl as well. Thank you for thanking President Sinbaum!”
Trump signed the USMCA in 2020, replacing the North American free trade agreement. The exemption announced Thursday applies to Mexican imports that meet certain requirements under the USMCA that are products made primarily in North America.
There were no indications whether Canada would be given a similar reprieve.
Trump on Tuesday imposed a 25% tariff on imports from Canada and Mexico, and an additional 10% tariff on Chinese goods. He cited his complaints about fentanyl's flow to the US, but experts say there is relatively little fentanyl, especially through the northern border.
Trump spoke with Canadian Prime Minister Justin Trudeau on Wednesday, who took him to social media to troll Canadian leaders as “governor,” suggesting that Trudeau is using the trade war to increase his political fortune. Trudeau is expected to step down as Canada's leader in the coming weeks.
Trump has already allowed one carve out and announced on Wednesday that tariffs will not apply to carmakers covered by the USMCA, such as Ford, General Motors and Stellantis.
The White House's unpredictable approach to tariffs rattles financial markets with the Dow Jones Industrial Average, Nasdaq Composite and the S&P 500. Understand the loss this week.
In addition to tariffs in Canada and Mexico this week, Trump has pledged mutual tariffs on other countries, as well as sector-specific tariffs on automobile imports, semiconductors, medicines and other materials.
Updated at 12pm ET
