Mexican President Claudia Sheinbaum has decided to delay imposing reciprocal trade tariffs on the United States until April 2.
This is when the one-month “pause” on tariffs for goods and services compliant with the United States-Mexico-Canada Agreement (USMCA) expires.
It seems Sheinbaum is betting that President Donald Trump will once again change his stance on tariffs with his southern neighbor. She has successfully negotiated two previous extensions, after presenting strong evidence that Mexico is taking significant steps to reduce the flow of fentanyl and migrants into the U.S.—Trump’s main reasons for imposing tariffs on Mexico.
On March 12, Canada and the European Union quickly retaliated after Trump followed through on his earlier promise and imposed a 25 percent duty on all steel and aluminum imports to the United States. The EU responded with tariffs on up to 26 billion euros’ worth of U.S. exports, while Canada announced it would impose C$29.8 billion in retaliatory tariffs.
Canada is by far the largest foreign supplier of steel and aluminum to the U.S. Meanwhile, Mexico accounts for around 13 percent of steel imports to the United States, and only a tiny proportion of aluminum.
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