Mexico’s Sheinbaum says US extending trade deadline for several weeks

(Bloomberg) — The US is extending a deadline to reach a trade deal with Mexico for several weeks, President Claudia Sheinbaum said, in what would be the latest reprieve Donald Trump has granted his southern neighbor.

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Sheinbaum and Trump spoke briefly Saturday and agreed to extend talks to give the nations more time to reach a deal on non-tariff trade barriers that are still under discussion, she said during her daily press briefing. Sheinbaum said they are close to an agreement and that she would talk trade again with Trump in the coming weeks.

The Mexican peso surged to a session high after Sheinbaum’s comments, and was changing hands at 18.38 per dollar as of 9:04 a.m. Mexico City time.Claudia Sheinbaum speaks in Mexico City on Oct. 5 at event marking her first year in office.Photographer: Mayolo Lopez Gutierrez/Bloomberg

Trump has imposed tariffs on a range of imports from Mexico, including steel, aluminum and vehicles, since he returned to the White House in January. But he’s also shown a willingness to negotiate, repeatedly delaying the implementation of higher levies or exempting certain Mexican goods from them.

Mexican Economy Minister Marcelo Ebrard has insisted that the country is in a privileged position compared to other countries, since it doesn’t have general tariffs and more than 80% of its exports are duty-free and protected by the US-Mexico-Canada trade deal.

Trump had set a Nov. 1 deadline to raise the fentanyl-related tariffs he imposed on Mexican goods not protected by the USMCA deal. The White House did not immediately respond to a request for comment.

“We agreed to talk again in a few weeks because we are practically closing this issue,” Sheinbaum said.

—With assistance from Catherine Lucey.

(Updates with additional details and context from second paragraph.)

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