U.S. President Donald Trump and Mexican President Claudia Sheinbaum say their planned tariffs are on hold for a month to give time for further negotiations

Trump has long proposed raising tariffs—or taxes on imported goods that the businesses importing them pay the U.S. government—before the election, and said in November he’ll impose a 25% tariff rate on all imports from Mexico and Canada on the first day of his presidency and will impose an additional 10% tariff rate on all imports from China on top of other tariffs.