Mnuchin at G20: US-Mexico deal 'very, very significant'

Treasury Secretary Steven Mnuchin on Saturday hailed a deal between the US and Mexico on tariffs and immigration as "very, very significant" with a "very important outcome". Speaking to reporters on the sidelines of the G20 finance ministers and central bank governors, Mnuchin said: "We couldn't be more pleased with the agreement that we reached.

It is very, very significant and we very much appreciate the commitments that Mexico has made to help us on those important immigration issues." Late Friday, Washington and Mexico City reached an 11th-hour deal to crack down on migration from Central America, with President Donald Trump relenting on threats to slap potentially devastating tariffs on the neighbouring country.

With Trump ready to impose five per cent tariffs on all Mexican goods starting Monday, senior officials hammered out an agreement after three days of intense negotiations at the State Department. "As a result of (the deal), the President agreed that we will not be moving forward with the tariffs so that was a very important outcome," Mnuchin said.