Mexico and the United States have reached a one-month agreement to stave off tariffs and a looming trade war, the threat of which sent global markets tumbling early Monday. The 25% tariffs on Mexico were set to go into effect Tuesday,

The Trump administration has agreed to pause sweeping tariffs on Mexico for a month while the two sides hammer out an agreement, Mexican President Claudia Sheinbaum announced Monday. Sheinbaum said in a tweet that,

A sign notifying customers that a store will stop selling U.S. liquor from Tuesday, in response to U.S. President Donald Trump's imposition of tariffs on Canada, is displayed on a shelf carrying U.S.

President Claudia Sheinbaum of Mexico struck a deal to get at least a temporary reprieve from the 25 percent tariffs the Trump administration had planned to implement on Tuesday.

The market swings occurred after President Donald Trump declared levies on goods from Canada, Mexico and China and pledged tariffs on the European Union.