W hILE the tariffs announced on April 2nd were met with panic and consternation around the world, Mexico celebrated. Along with Canada, it was exempted from sweeping “reciprocal” tariffs imposed by the United States. President Claudia Sheinbaum hailed the escape as “good for the country”. The Mexican peso rose, as did the country’s stockmarket.

Mexico's President Claudia Sheinbaum said on Monday that her government would like to avoid imposing reciprocal tariffs on the U.S. after President Donald Trump's sweeping tariff plans, though she said it could not be ruled out.

In a Wednesday morning press conference, ahead of Trump announcing his global tariff plan, Sheinbaum says Mexico will "announce a comprehensive program, not a tit for tat on tariffs," but added, "we have a plan to strengthen the economy under any circumstance.

President Donald Trump has shared on Truth Social that he has “authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately.”

Wolfers: The confused mumblings of an old man who didn’t do very well in his college economics course. Rosin: Are you talking about the president? Wolfers: I might be. Rosin: Okay. In one single day this week—I’m talking about Wednesday,

President Trump said that countries who don’t reach trade deals with the U.S. before the 90-day pause elapses risk being hit with additional tariffs. Asked what would happen if a country fails to reach an agreement with the U.

Trump has paused the higher tariffs for most countries but still imposed a 10% baseline.