Mexico has been largely spared the brunt of Trump administration tariffs because of the USMCA commerce settlement.
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Mexican President Claudia Sheinbaum and United States President Donald Trump have agreed to increase a looming commerce deadline for “just a few extra weeks” to debate pending points with Washington.
Sheinbaum stated on Monday that she spoke together with her counterpart on Saturday.
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The US agreed in July to pause for 90 days a rise in tariffs on some Mexican items to 30 % – from 25 % – as the 2 international locations continued talks aimed toward reaching a brand new commerce deal. That pause was set to finish this week.
“I used to be fascinated with ensuring that November 1 didn’t arrive with out us having communicated and that we had been in settlement that our groups had been nonetheless working,” Sheinbaum stated in her common morning press convention, including that the 2 international locations had been aiming to resolve 54 excellent commerce obstacles.
“We’re virtually closing this concern,” she stated.
Mexico’s peso strengthened 0.29 % to 18.38 per US greenback following Sheinbaum’s feedback.
Mexico has been largely spared the brunt of Trump administration tariffs because of the 2020 United States-Mexico-Canada Settlement (USMCA), a commerce pact that’s up for assessment subsequent 12 months.
Earlier in October, Sheinbaum stated that she was assured Mexico would attain a beneficial settlement with the US on commerce and that she was planning to unveil new advances in initiatives growing electrical automobiles, semiconductors, satellites, drones and a man-made intelligence lab.
“We proceed working, and there’s no state of affairs within the close to future the place there could possibly be any particular tariff on November 1st,” Sheinbaum stated.
Trump stated final week that he was ending commerce talks with Canada, with the White Home citing frustration with how negotiations had been progressing.
When requested how Mexico would react and whether or not Mexico may negotiate individually with Canada, Sheinbaum stated final week, “Let’s not get forward of ourselves.”
