Mexico Negotiates to Avert U.S. Tariffs

Mexico's economy ministry is working with the U.S. to avoid impending 30% tariffs. Discussions aim to find an alternative solution before the tariffs are enforced on August 1. The U.S. has notified Mexico of these tariffs, prompting negotiation efforts from Mexico's side.

The economy ministry of Mexico is actively negotiating to prevent the institution of a substantial 30% tariff by the United States. Both nations have established a bilateral working group focused on averting these tariffs before their slated implementation date of August 1.

Mexico confirmed on Saturday that it has been formally informed by the U.S. regarding the tariffs. Officials from Mexico are now seeking an alternative resolution through discussions to sidestep these significant economic sanctions.

The news of the tariffs was accompanied by an official letter, as noted in a statement by Mexico's economy ministry. The situation is developing as Mexico continues its diplomatic efforts to negotiate a more favorable outcome.

(With inputs from agencies.)