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U.S., Mexico Reach Trade Deal to Avoid Tariffs: These Are the Terms
Posted
June 8, 2019
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4:08Now PlayingPresident Donald Trump said he would drop plans for tariffs on Mexico that he’d been threatening to impose for the past week after the country promised new steps to stem an influx of illegal migration into the U.S.
“I am pleased to inform you that The United States of America has reached a signed agreement with Mexico,” Trump said in a tweet Friday night. “The Tariffs scheduled to be implemented by the U.S. on Monday, against Mexico, are hereby indefinitely suspended.”
Trump said Mexico will take unspecified steps to curtail migration. He said those details would be released “shortly” by the State Department.
The president’s decision marked a dramatic turnaround after he persistently criticized Mexico for failing to prevent Central American migrants from traversing the country to get to the U.S. The decision marks a victory for Mexican President Andres Manuel Lopez Obrador, whose administration had been pressing Trump to drop the tariff threat.
The deal preempts Trump’s planned 5% tariff on all Mexican imports to the U.S. that the president said could increase to 25% by October.
The decision was welcomed by Republicans and others who warned the tariffs would damage the American economy, hurt job growth and delay or altogether scuttle a trade deal between the U.S., Canada and Mexico, which still needs lawmaker ratification. Mexico is the second-biggest source of U.S. imports.
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