President Trump on Thursday said he was granting Mexico a 90-day reprieve on higher tariffs, saying he would extend Mexico's current tariff rates to allow for more time for negotiations.
In the days and hours before his tariffs are set to come into full force, Trump has unleashed a flurry of deals and trade moves, which included a new pact with South Korea and an extension of Mexico's current tariff rates for another 90 days. The South Korea agreement includes a 15% tariff rate on imports from the country, while the US will not be charged a tariff, according to Trump's post on Truth Social.
Deals were also expected with Thailand and Cambodia after Monday's ceasefire. A deal with Taiwan was also reportedly close.
Earlier Wednesday, the president made other moves, including threatening a 25% tariff on goods from India and slapping 50% tariffs on many goods from Brazil.
Trump also signed several orders Wednesday:
One order imposes 50% tariffs on semi-finished copper products starting Aug. 1, excluding copper crap and input materials.
Another ends the de minimis exemption on low-value imports under $800, thereby applying tariffs from Aug. 29.
The third order targets Brazil with 50% tariffs, but exempts key US imports like orange juice and aircraft parts.
Trump reiterated he would not extend Friday's deadline for new tariff levels to kick in.
Meanwhile, Treasury Secretary Scott Bessent said on Thursday that the US and China now have "the makings of a trade deal."
Also, the US and EU are racing to lock in the final details of their major new trade deal before Friday.
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