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Investing.com -- U.S. President Donald Trump announced Thursday that he has extended existing tariffs on Mexican imports for 90 days following a phone call with Mexican President Claudia Sheinbaum.
In a Truth Social post, Trump described the conversation as "very successful," noting they are "getting to know and understand each other."
Under the extension, Mexico will continue paying a 25% tariff related to fentanyl, 25% on cars, and 50% on steel, aluminum, and copper. Trump also stated that Mexico agreed to "immediately terminate its Non Tariff Trade Barriers."
The two countries plan to negotiate during the 90-day period "with the goal of signing a Trade Deal," which could be finalized within that timeframe or longer, according to Trump.
The call included several administration officials: Vice President JD Vance, Treasury Secretary Scott Bessent, Secretary of State Marco Rubio, Commerce Secretary Howard Lutnick, U.S. Trade Representative Jamieson Greer, Chief of Staff Susie Wiles, and Deputy Chief of Staff for Policy and Homeland Security Advisor Stephen Miller.
Trump added that both countries will maintain "continued cooperation on the Border as it relates to all aspects of Security, including Drugs, Drug Distribution, and Illegal Immigration into the United States."