The Following Content Has Been Provided by:Associated Press

President Donald Trump on Thursday postponed 25% tariffs on most goods from Mexico for a month amid widespread fears of the economic fallout from a broader trade war.

Trump’s announcement comes after his Commerce Secretary, Howard Lutnick, said earlier Thursday that tariffs on both Canada and Mexico would “likely” be delayed. No change was announced regarding new tariffs imposed on Canada, another major trading partner.

It is the second time Trump has postponed tariffs since he first unveiled the import taxes in early February. The reprieve would apply to goods from Mexico that are compliant with the trade agreement Trump negotiated with Canada and Mexico in his first term— which will likely cover the vast majority of imports.

“After speaking with President Claudia Sheinbaum of Mexico, I have agreed that Mexico will not be required to pay Tariffs on anything that falls under the USMCA Agreement,” Trump said on Truth Social. “I did this as an accommodation, and out of respect for, President Sheinbaum. Our relationship has been a very good one, and we are working hard, together, on the Border.”