President Donald Trump announced on Thursday he’s extending the existing tariffs with Mexico, America’s largest trading partner, and he will pause higher tariffs that were set to go into effect Friday.

President Donald Trump said he would not raise U.S. tariffs on Mexican goods beyond their current levels for 90 days.

He explained that he and Sheinbaum had agreed to keep US tariffs at their current rates for a 90-day period. Mexico had been one day away from seeing a tariff increase on August 1. Earlier this month, on July 11, Trump had threatened on Truth Social to hike tariffs on Mexican imports to 30 percent.