 "Trump extends Mexico trade talks by 90 days as tariff war with Canada escalates")
US President Donald Trump on Thursday said that the deadline for finalising a new trade agreement with Mexico has been extended by 90 days and that it will continue to face steep tariffs on several key exports.
“I have just concluded a telephone conversation with the President of Mexico, Claudia Sheinbaum, which was very successful in that, more and more, we are getting to know and understand each other. The complexities of a Deal with Mexico are somewhat different than other Nations because of both the problems, and assets, of the Border. We have agreed to extend, for a 90 Day period, the exact same Deal as we had for the last short period of time, namely, that Mexico will continue to pay a 25% Fentanyl Tariff, 25% Tariff on Cars, and 50% Tariff on Steel, Aluminum, and Copper. Additionally, Mexico has agreed to immediately terminate its Non Tariff Trade Barriers, of which there were many,” Trump said in a Truth Social post.
He indicated that negotiations with Mexican officials would continue in the coming months, with the goal of reaching a broader trade agreement.
“We will be talking to Mexico over the next 90 Days with the goal of signing a Trade Deal somewhere within the 90 Day period of time, or longer,” he added.
He had previously threatened Mexico with a 30% tariff rate.
Trump’s comments followed a phone call earlier in the day with Mexican President Claudia Sheinbaum, as Mexico works to secure a trade agreement with its largest trading partner ahead of Trump’s August 1 deadline.
In a post on X, Sheinbaum said, “We had a very good call with the President of the United States, Donald Trump. We avoided the tariff increase announced for tomorrow and secured 90 days to build a long-term agreement through dialogue.”
Meanwhile, Trump intensified his trade offensive against Canada just one day before the August 1 deadline for reaching a tariff agreement.
In a Truth Social post, Trump wrote, ““Wow! Canada has just announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them. Oh’ Canada!!!”
Impact Shorts
More ShortsTrump has threatened to impose a 35% tariff on all Canadian goods not covered under the US-Mexico-Canada Agreement (USMCA) if no deal is reached by the deadline.
Canadian Prime Minister Mark Carney previously described negotiations with Washington as constructive but warned that talks may not conclude in time.
Canada is the second-largest US trading partner after Mexico, and the largest buyer of US exports.
With inputs from agencies
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