President Donald Trump has announced a one-month suspension of planned tariffs on imports from Mexico and Canada. The decision, shared on social media, was made just before the tariffs were set to take effect.
The delay came after Mexican President Claudia Sheinbaum and Canadian Prime Minister Justin Trudeau assured Trump of enhanced border security measures with the United States, some of which had already been previously pledged.
On February 1, Trump had outlined a series of tariffs targeting imports from Mexico, Canada, and China, which were expected to have a major impact on the fashion industry. The proposed tariffs have sparked significant concern within the U.S. fashion and retail sectors, which are already grappling with high inflation and sluggish consumer demand.
Under the proposed tariff plan, imports from Canada and Mexico would face a 25% tariff, while goods imported from China would be hit with an additional 10% tariff.
In response, both Canada and Mexico revealed plans to impose retaliatory tariffs. Prime Minister Justin Trudeau announced that Canada would enforce 25% tariffs on C$155 billion (approximately £85.9 billion) worth of U.S. goods as a countermeasure to Trump’s actions.
