Its president of Mexico Claudia Sheinbaum stated today (27.10.2025) that she spoke with the president of USA Donald Trump on Saturday and that the two agreed to extend the trade deadline for “a few more weeks” to discuss outstanding issues with Washington.
The US agreed in July to suspend for 90 days an increase in tariffs on some Mexican goods to 30% – from 25% – as the two countries continued talks aimed at reaching a new trade deal. That hiatus is set to expire this week. “My interest is to make sure that November 1 does not arrive without us having communicated and that we have agreed that our teams continue to work,” Mexico’s Sheinbaum said during the regular morning news conference, adding that their goal is to resolve 54 outstanding trade barriers. “We are practically closing this issue,” she said.
The Mexican peso after Sheinbaum’s statements strengthened by 0.29% to 18.38 per dollar.
Mexico has been largely unaffected by the brunt of the Trump administration’s tariffs thanks to the USMCA (trade agreement between the US, Mexico and Canada), which is due to be revised next year.
Earlier in October, Sheinbaum said she was confident Mexico would reach a favorable deal with the U.S. on trade relations and that she planned to present new proposals on projects to develop electric vehicles, semiconductors, satellites, drones and an artificial intelligence lab.
“We’re continuing to work and there’s no way in the near future there will be any tariffs on Nov. 1,” Sheinbaum said.
Trump said last week he was ending trade talks with Canada, with the White House expressing disappointment at the progress of negotiations. Asked at the time how Mexico would react and whether she could negotiate separately with Canada, Sheinbaum said: “Let’s not jump ahead.”