Sheinbaum and Trump will discuss avoiding 30% tariffs on Mexico.

Mexican President Claudia Sheinbaum Pardo and U.S. President Donald Trump will hold a phone call Thursday morning in an attempt to prevent the 30% tariffs on Mexican products , scheduled to begin this Friday in August, from going into effect.

The report, co-authored by Eric Martin and Michael O'Boyle and published by Bloomberg, notes that the conversation will take place one day before the Trump-imposed deadline , following weeks of intense negotiations between the two governments.

According to sources cited by the agency, who requested anonymity, the bilateral talks have reached a critical point where decisions will have to be made directly at the leadership level.

Economy Secretary Marcelo Ebrard has led several missions to Washington to meet with Trump's cabinet. According to Bloomberg, Mexico has presented "sincere and potentially persuasive" proposals to rebalance bilateral trade , although the final say rests with the U.S. president .

"It's unclear how Trump is evaluating Mexican offers," the outlet noted, leaving open the possibility that tariffs could go into effect.

News of the call between Sheinbaum and Trump boosted the Mexican peso , which extended its gains and closed at 18.84 per dollar . However, both the White House and the Mexican presidency did not immediately respond to requests for comment on the scope of the conversation.

In his second term, Trump has implemented stricter trade measures. This year, he imposed a 25% tariff on Mexico and Canada , accusing them of failing to curb fentanyl trafficking. Although the impact was limited because goods covered by the United States-Mexico-Canada Agreement (USMCA) were exempted, the threat of new levies is worrying the export sector.

On July 12 , Trump warned in a public letter that he would raise tariffs against Mexico to 30% due to its alleged lack of progress against cartels. He also threatened to impose a 35% tariff on Canada over other trade disputes.

According to Bloomberg Economics, nearly 83% of U.S. imports from Mexico were exempt from tariffs in May, thanks to the USMCA. However, around $80 billion worth of goods would still be subject to higher tariffs if the measure materializes.

The average effective U.S. tariff on Mexico rose from 0.2% before Trump's second term to 6.6% currently , posing an additional risk to the competitiveness of Mexican products.

The conversation between Sheinbaum and Trump could define the course of the trade relationship between Mexico and the United States in the coming months. Both leaders will have to strike a balance between border security and the region's economic stability.

"The level of uncertainty is high, and any decision could have an immediate impact on the markets and millions of binational jobs," analysts warned.