US President Donald Trump halted planned tariffs on Mexico hours before their implementation, following a phone call with Mexican President Claudia Sheinbaum. The deal, struck in a tense negotiation, involves Mexico deploying 10,000 National Guard troops to its border with the US to combat drug trafficking. Trump and Sheinbaum agreed to further talks on trade and security, with US officials set to meet with Mexican counterparts. While the tariffs on Canada and China remain in place, markets experienced significant volatility as investors reacted to the news.
Donald Trump halted sweeping tariffs on Mexico hours before they were due to come into force, causing markets to whipsaw as investors and companies struggled to absorb a flurry of White House policy announcements. A deal to hold off tariffs for a month was struck in a phone call on Monday between the US president and Mexico’s Claudia Sheinbaum, where the pair agreed to hold talks on trade and security.
There was no immediate announcement of a pause to the threatened tariffs against Canada or China, with Canadian Prime Minister Justin Trudeau due to speak to Trump later on Monday. But the Canadian dollar trimmed earlier declines to trade 0.4 per cent lower against the greenback, amid hopes for a deal, while a gauge of the US currency against six other peers gave up earlier gains to trade just 0.4 per cent higher on the day. US indices also pared earlier falls, with the S&P 500 down 0.
TRUMP MEXICO TARIFFS TRADE SECURITY
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