On Friday, the U.S. and Mexico agreed to a deal that would avert the looming threat of President Donald Trump's proposed tariffs on Mexican imports.
President Trump announced the tariffs would be "indefinitely suspended" in a tweet after several days of negotiations between his administration and Mexican officials. The two sides narrowly avoided a Friday deadline for the president to authorize the tariffs.
The terms of the agreement between the two countries would involve Mexico increasing the use of its National Guard to prevent illegal immigration. It also detailed the U.S. will continue to implement its Migrant Protection Protocols at the southern border.
On May 30, President Trump announced his administration would impose a series of escalating tariffs on Mexican goods if the country did not stem the flow of illegal immigration at the U.S.' southern border. The president said the tariffs would start at 5% and rise until they reached 25%.
Even the threat of tariffs had sent major ripples across the economies of both countries. Last year alone, the U.S. imported $378 billion in goods from Mexico, mostly in the automotive sector.
Mexico was already making moves to pacify the U.S. earlier this week. On Thursday, the country agreed to send 6,000 National Guard troops to help stem the flow of migrants at its border with Guatemala.
Under the terms of the deal, the two countries will reconvene within 90 days to determine if the adopted measures have been satisfactory.