Bitcoin price today: rises to $116.5k on Trump 401k order, altcoins rally
U.S. President Donald Trump agreed to delay tariffs on Mexico Monday after agreeing to terms with Mexican President Claudia Sheinbaum Pardo to send troops to secure the U.S.-Mexico border.
According to Trump, "It was a very friendly conversation wherein she agreed to immediately supply 10,000 Mexican Soldiers on the Border separating Mexico and the United States... We further agreed to immediately pause the anticipated tariffs for a one month period."
The addition of soldiers is motivated in an attempt to reaffirm the border, stopping the flow of drugs, specifically fentanyl, and illegal immigration. In turn, the anticipated tariffs were put on hold for a month, giving ample time to further resolve negotiations.
When speaking about those heading negotiations, Trump mentioned, "Secretary of State Marco Rubio, Secretary of Treasury Scott Bessent, and Secretary of Commerce Howard Lutnick, and high-level Representatives of Mexico"
On Saturday, the United States announced 25% tariffs on Mexico and Canada, as well as 10% tariffs on China.
The quick move by Mexico supports investors’ claims that Trump was simply using the tariffs as a negotiation tactic.
As of now, the market has shown some volatility in anticipation of these tariffs, with oil rising and companies manufacturing out of Mexico, Canada, and China suffering; especially in the automotive and tech industries.