Trump extends key tariffs on Mexico as negotiations progress

President Donald Trump on Thursday announced that he would extend the current tariff situation with Mexico as negotiations with the country on a formal trade deal progressed.

He further announced that Mexico would eliminate many "non-tariff trade barriers" and negotiations would continue over the next 90 days.

"I have just concluded a telephone conversation with the President of Mexico, Claudia Sheinbaum, which was very successful in that, more and more, we are getting to know and understand each other," he posted on Truth Social. "The complexities of a Deal with Mexico are somewhat different than other Nations because of both the problems, and assets, of the Border."

"We have agreed to extend, for a 90 Day period, the exact same Deal as we had for the last short period of time, namely, that Mexico will continue to pay a 25% Fentanyl Tariff, 25% Tariff on Cars, and 50% Tariff on Steel, Aluminum, and Copper," Trump went on. "Additionally, Mexico has agreed to immediately terminate its Non Tariff Trade Barriers, of which there were many. 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."

The news follows Trump concluding a trade agreement with South Korea on Wednesday. He previously concluded agreements with Japan, Vietnam, the European Union, and the UK, among others.