US President Donald Trump has announced that he is currently stopping the tariff on Mexico. The decision has been taken after a conversation with Mexico President Claudia Shinbam. Trump has said that the new tariffs will not apply to the trade under the agreement between the US, Mexico and Canada, which will remain in effect till April 2.
However, it is believed that on April 2, Canadian and Mexican items can be charged. Trump said about his agreement on social media platform Truth Social that he has entered into the agreement and expressed respect to Mexican President Shinbam.
The global markets declined after the 25 percent tariffs imposed by Trump on American imports from Canada and Mexico declined and economists say that Americans may face a wide base price increase.
Since taking over in January, Trump has threatened to impose tariffs on both colleagues and opponents and has announced that trade will be a major part of his foreign policy.
Trump has said that Tariff should become a major source of revenue of the US government, as well as the business imbalance and practices that Washington considers inappropriate.