BancaMarch | First Mexican President Claudia Sheinbaum and then Justin Trudeau negotiated through telephone conversations with Trump to delay tariffs in exchange for stricter measures to combat immigration and cross-border drug trafficking. The planned measures consisted of imposing tariffs of 25% on imports from Mexico and Canada, with the exception of Canadian energy products, which would be subject to a 10% tariff. The White House executive orders do not contemplate the suspension of the restrictions, but a delay until 4 March.
Mexico has promised to send 10,000 members of the National Guard to the US border. For its part, Canada began by showing a more belligerent attitude with the promise of retaliatory tariffs of 25% on US exports worth CA$30 billion, in addition to another CA$125 billion over a period of 21 days. A few hours before the tariffs came into effect, Trump and Trudeau reached an agreement, which includes concessions from Canada: the appointment of a ‘fentanyl czar’, the inclusion of cartels on the list of terrorists and a union with the US to fight organised crime, drug trafficking and money laundering. The negotiations will continue throughout this month, led by the Secretary of State Marco Rubio, the Secretary of the Treasury Scott Bessent and the Secretary of Commerce Howard Lutnick.
