A looming trade war between the U.S. and its top trading partners took a step back Monday when President Donald Trump said tariffs against Mexico won't go into effect for another month.

Trump and Mexican President Claudia Sheinbaum announced the delay on social media two days after Trump ordered 25% tariffs against goods from Mexico and Canada, and a 10% tariff against Chinese products, which were set to go into effect Tuesday. The Canada and China tariffs were still set to go into effect as of Monday morning.

Trump had said he was imposing tariffs to stop illegal immigration and drug smuggling, boost American manufacturing, and raise revenue in place of 🔜the income tax. Economists have warned the tariffs could lead to a trade war, raise pr🅘ices for U.S. consumers, and cause higher unemployment should they actually go into effect.

Many Wall Street forecasters have assumed the tariff threats were mainly negotiating tactics and would ultimately not be implemented.