Mexico has been hit hard by the Trump administration’s tariffs because of the USMCA trade agreement.
Published on October 27, 2025
Mexican President Claudia Scheinbaum and United States President Donald Trump have agreed to extend “a few more weeks” to discuss the pending issues with Washington.
Sheinbaum said Monday that she spoke with her counterpart on Saturday.
Recommended stories
4 List of itemsEnd of list
The U.S. agreed in July to raise tariffs on some Mexican goods to 30 percent for 90 days — up from 25 percent — as the two countries continue talks aimed at reaching a new trade deal. That hiatus was supposed to end this week.
“I’m interested in making sure that November 1 doesn’t come without us communicating and agreeing that our teams are still working,” Sheinbaum said at her regular morning news conference, adding that the two countries were aiming to resolve 54 outstanding trade barriers.
“We are practically closing the issue,” she said.
Mexico’s peso strengthened 0.29 percent to 18.38 per US dollar after Sheinbaum’s comments.
The 2020 United States-Mexico-Canada Agreement (USMCA), a trade agreement set for review next year, has largely spared Mexico the brunt of the Trump administration’s tariffs.
In early October, Sheinbaum said she believed Mexico would strike a trade-friendly deal with the U.S. and planned to unveil new advances in projects developing electric vehicles, semiconductors, satellites, drones and artificial intelligence labs.
“We continue to work, and there is no situation in the near future where there could be any special rates on Nov. 1,” Sheinbaum said.
Trump said last week he was ending trade talks with Canada, citing frustration with how the White House was progressing negotiations.
Asked how Mexico would react and whether Mexico could negotiate independently with Canada, Scheinbaum said last week, “Let’s not get ahead of ourselves.”