The U.S. ended 2024 with the second-largest trade deficit on record — and China and Mexico were the countries that benefited most from sending goods to America. Canada? Not so much.

According to President Sheinbaum, Mexico has cut a deal with the U.S. to delay the tariffs. Under the deal, she said Mexico is sending another 10,000 members of its national guard to the southern border to combat drug traffickers, while the U.S. has agreed to do more to prevent the trafficking of high-powered weapons to Mexico.

In postponing some threatened tariffs but not others, U.S. President Donald Trump is sowing uncertainty for businesses and consumers in his own country and abroad. His tactics could score some wins, but also carry big risks.