U.S. President Donald Trump announced on his social media platform Truth Social that he is pausing planned 25 percent tariffs on Mexico for one month following a conversation with Mexican President Claudia Sheinbaum.
Trump announced a set of sweeping tariffs on Canada, Mexico, and China on 1 February, following through on a proposal he made in November 2024.
Trump’s proposal would hit Canada and Mexico with sweeping 25 percent tariffs across all goods excepting Canadian energy – which would be tariffed at 10 percent – and an additional 10 percent tariff on top of the existing tariffs he enacted on Chinese goods during his first term as president.
According to Trump, he paused the tariffs for a month after Sheinbaum agreed to station 10,000 Mexican soldiers on the country’s northern border between it and the U.S.
“These soldiers will be specifically designated to stop the flow of fentanyl and illegal migrants into our country,” Trump wrote. “We further agreed to immediately pause the anticipated tariffs for a one-month period during which we will have negotiations headed by Secretary of State Marco Rubio, Secretary of Treasury Scott Bessent, and Secretary of Commerce Howard Lutnick, and high-level Representatives of Mexico. I look forward to participating in those negotiations, with President Sheinbaum, as we attempt to achieve a ‘deal’ between our two Countries.”
Trump also said he has a phone call with Canadian Prime Minister Justin Trudeau scheduled for 3 p.m. EST to discuss the imminent trade action.
The National Retail Federation criticized the decision to pursue tariffs and encouraged “all parties” to continue negotiations.
“The retail industry is committed to working with President Trump and his administration to achieve his campaign promises, including strengthening the U.S. economy, extending his successful Tax Cuts and Jobs Act and ensuring that American families are protected from higher costs,” it said.
As negotiations on the tariffs continue, companies in the U.S. and Canada have been preparing for any outcome.
Atlantic Sapphire, in an announcement posted to the Oslo Børs, said it predominantly sources feed for its Miami, Florida, U.S.A.-based salmon recirculating aquaculture system from Skretting-owned feed mills in Canada.
“The newly announced U.S. import tariffs on Canadian products will significantly affect the cost of this imported feed,” the company said. “In response, Atlantic Sapphire is evaluating options to mitigate the impact of these tariffs. This includes considering ...