Overview

• The extension preserves 25% duties on fentanyl precursors and vehicles and 50% on steel, aluminum and copper while granting a three-month window to finalize a broader trade pact.
• President Trump’s announcement followed a “very successful” call with President Claudia Sheinbaum that prevented an August 1 tariff increase.
• About 85% of Mexican exports already meet USMCA rules and are shielded from the 25% fentanyl-related levies.
• The US Treasury sanctioned CIBanco SA, Intercam Banco SA and Vortex Casa de Bolsa for allegedly laundering cartel funds.
• Mexico’s National Banking Commission placed two of the sanctioned banks under federal control despite objections from President Sheinbaum.