Earlier on Thursday, the US president announced that Mexico will not be required to pay tariffs on "anything that falls under the USMCA agreement", in a suspension that lasts until 2 April.

Imposing a 25% tariff not only makes imports more expensive but also impacts supply chains and the competitiveness of affected businesses.

US President Donald Trump has said his tariffs on Canadian goods are necessary to force action on the migrants and drugs entering the United States through its northern border. He has also described billions of dollars in daily cross-border trade as a US subsidy and claimed Canada would not be "viable as a country" without it.