President Donald Trump has dropped plans to impose a 5 percent tariff on all Mexican goods beginning next week after administration officials reached a deal with Mexico to stem the flow of Central American migrants seeking to enter the United States.
The move avoids a possible confrontation with Congress over the tariffs, which experts have warned could drastically damage the U.S. economy. The United States imported about $350 billion worth of goods from Mexico last year, including everything from car parts to avocados.
“I am pleased to inform you that The United States of America has reached a signed agreement with Mexico. The Tariffs scheduled to be implemented by the U.S. on Monday, against Mexico, are hereby indefinitely suspended,” Trump tweeted Friday evening.
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