Claudia Sheinbaum. Credit: Stephania Corpi/Bloomberg.

President Donald Trump agreed to delay 25 percent tariffs against Mexico for one month after a conversation with his counterpart Claudia Sheinbaum on Monday, a dramatic turnabout with the neighboring nations on the brink of a trade war.

Markets rallied after Sheinbaum announced the delay and Trump confirmed it in a social media post, with the peso gaining as much as 1.3 percent against the dollar. The pair of leaders agreed that Mexico will send 10,000 National Guard officers to the border to help stem the flow of fentanyl and migration into the United States, a key demand from Trump for avoiding tariffs.

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