President Donald Trump has suspended new tariffs on Mexico for one month after reaching an agreement with Mexican President Claudia Sheinbaum to tighten border security.

The last-minute decision was announced on February 3, just hours before the new U.S. tariffs on Mexico, China, and Canada were set to take effect.

According to Trump, Mexico has agreed to deploy 10,000 National Guard troops along its northern border to curb illegal drug trafficking, particularly fentanyl.

In exchange, the U.S. pledged to take action against the flow of heavy weapons into Mexico, Sheinbaum confirmed on X.

The two leaders will use the one-month suspension period to negotiate a broader deal, Trump said.

“I look forward to negotiations with President Sheinbaum as we try to reach a ‘deal’ between our two nations,” Trump wrote on Truth Social.

At a press conference, Sheinbaum acknowledged the temporary relief but emphasized, "We have one month to work and convince both sides that this is the best way forward."

What About Canada?

Trump also spoke with Canadian Prime Minister Justin Trudeau and planned another call at 3 PM (ET) on February 3.

However, a senior Canadian official told The New York Times that Ottawa is not optimistic about securing a similar tariff suspension.

Trump Hints at Targeting the EU Next

Speaking in Washington on February 2 after returning from Mar-a-Lago, Trump hinted that the European Union (EU) could be his next tariff target.

"They don’t import our cars. They don’t buy our agricultural products. They barely buy anything, and yet we buy everything from them," Trump told reporters.

In Brussels, EU leaders gathered for an informal summit on February 3 and warned they would retaliate if the U.S. imposed tariffs.

European Leaders’ Reactions

🔹 French President Emmanuel Macron stated, "If the EU is targeted, we must respect ourselves and respond accordingly."
🔹 German Chancellor Olaf Scholz suggested the EU could impose counter-tariffs on the U.S., but emphasized that negotiations would be the better path forward.

However, Trump hinted that the UK, which left the EU in 2020, could be exempt from any future tariffs, saying, "I think we can work something out."

U.S.-EU Trade Relationship

The U.S. is the EU’s largest trade and investment partner.

📊 In 2023, according to Eurostat:
🔹 The U.S. had a $161.6 billion trade deficit with the EU in goods.
🔹 This was partially offset by a $104 billion surplus in services.

EU Warns of a Potential Trade War

🔸 Kaja Kallas, the EU’s top foreign policy official, warned that no one wins in a trade war.
🔸 "If a trade war erupts between the U.S. and Europe, the only one smiling at the end will be China."

What’s Next?

While Mexico gets a one-month tariff suspension, the situation remains uncertain for Canada and the EU.

The coming weeks will determine whether Trump escalates his trade war or negotiates new deals—and how global markets react.

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