President Donald Trump announced on Friday evening that the tariffs he threatened last week would be “indefinitely suspended” after several days of negotiations with Mexico.
“I am pleased to inform you that The United States of America has reached a signed agreement with Mexico,” Trump announced on Twitter. “The Tariffs scheduled to be implemented by the U.S. on Monday, against Mexico, are hereby indefinitely suspended.
Trump previously announced he would impose a 5% tariff, citing an influx of migrants “coming into our Country from Mexico.”
Trump threatened the tariffs would increase to 10% in July, 15% in August, 20% in September, and 25% in October, if Mexico did not adequately take steps to lower the illegal immigration rate. Trump added at the time that the US will have the “sole discretion” in determining whether Mexico has done enough to “alleviate” the border crossings.
The president in his recent announcement said Mexico had agreed “to take strong measures to stem the tide of Migration.”
“This is being done to greatly reduce, or eliminate, Illegal Immigration coming from Mexico and into the United States,” Trump said in his tweet.
The US purchased $378 billion worth of Mexican imports in 2018, much of which were automotive-related items.
This is a developing story. Check back for updates.