According to news reports, the additional 25% tariffs on Mexican products scheduled to be implemented on February 4 will be suspended for one month. Reports state that Mexican President Claudia Sheinbaum has agreed to send 10,000 soldiers to the border with the US in an effort to prevent drug trafficking. The fentanyl crisis was stated in the original decision to impose the additional tariffs.
During the pause, Mexican and US officials will resume negotiations in hopes of reaching an accord. Mexico had earlier announced that they would impose undisclosed retaliatory tariffs on US goods. Those tariffs will not move forward during this pause.
More changes or amendments could be forthcoming; President Trump has reportedly also spoken with Canadian Prime Minister Justin Trudeau today.
Best Regards,
Sam McClure, LCB
Director of Compliance & Customs Services