The delay of tariffs set to take effect Friday came after a phone call between President Trump and his Mexican counterpart, President Claudia Sheinbaum.

U.S. appeals court judges sharply questioned on Thursday whether President Donald Trump's tariffs were justified by the president's emergency powers, as lawyers for states and businesses challenging the measures argued he exceeded his authority.

The arguments underscored the financial stakes for U.S. importers as the Trump administration prepares to impose higher rates without the explicit approval of Congress.