Trump extends tariff deadline for Mexico

US President Donald Trump on Thursday said he’s giving Mexico an additional 90 days to strike a trade deal, with the announcement coming a day before his administration’s August 1 deadline to impose 30 per cent tariffs on imports from the nation.

Trump had said earlier this month that the 30 per cent import duties would begin on Friday for Mexican imports, saying at the time that the country had not done enough to stop North America from turning into a “Narco-Trafficking Playground.”

In his Thursday social media post, the president said he agreed to a 90-day extension during a phone conversation with Mexico President Claudia Sheinbaum, which he described as “very successful”.

The president has turned to tariffs as a way to force trading partners to negotiate deals that he says are more favourable to the United States and reduce trade imbalances. Ahead of the August 1 deadline to strike new trade deals with Mexico and many other nations, the Trump administration has announced trade deals with five Asian countries, the United Kingdom and the European Union.

“We will be talking to Mexico over the next 90 days with the goal of signing a trade deal somewhere within the 90-day period of time, or longer,” Trump wrote.

He added that the “exact same deal as we had” with Mexico will be extended during that time, which  includes a “25 per cent fentanyl tariff, 25 per cent tariff on cars, and 50 per cent tariff on steel, aluminum, and copper.”

(CBS News)