U.S. President Donald Trump gave Mexico a 90-day reprieve from higher tariffs on Thursday to negotiate a broader trade deal but was expected to issue higher final duty rates for most other countries as the clock wound down on his Friday deal deadline.

Some of the US’s biggest trading partners are racing to strike last-ditch trade deals with Donald Trump, with less than 24 hours to go before sweeping tariffs are due to kick in. The US president has set a deadline of 00:01 on Friday morning for countries to reach an agreement, or face being hit with his highest levels of tariffs.

When Trump first unveiled his slate of new and higher tariffs on "Liberation Day" in April, he showed that some countries faced tariffs at rates never seen before. But Trump then put the rates, many higher than 30%, on pause while the US negotiated deals with trading partners..