President Donald Trump on Thursday announced a one-month tariff delay on all products from Mexico that are covered by the USMCA free trade treaty, a significant walkback of the administration’s signature economic plan that has rattled markets,

President Donald Trump could delay his new 25 percent tariffs on Canada and Mexico for all goods and services that are “compliant” with an existing trade deal between the North American countries, Commerce Secretary Howard Lutnick said Thursday morning.

Howard Lutnick told CNBC “hopefully Mexico and Canada will have done a good enough job on fentanyl” that the U.S. will focus only on reciprocal tariffs.