Source: Time Magazine
[Washington] President Donald Trump announced late Friday that he had suspended plans to impose tariffs on Mexico.
According to the tariff plan that was announced last week, the U.S. would have imposed a 5 percent tariff on all goods coming into the country from Mexico.
After returning from Europe Friday, though, the president announced on Twitter, “I am pleased to inform you that The United States of America has reached a signed agreement with Mexico.” He wrote that the “Tariffs scheduled to be implemented by the U.S. on Monday, against Mexico, are hereby indefinitely suspended.”
The 5 percent tax on all Mexican goods would increase every month up to 25 percent under Trump’s plan. Americans bought $378 billion worth of Mexican imports last year, led by cars and auto parts.