However, he warned that tariffs will be imposed as planned from June 10 if the two sides are unable to reach an agreement.
"If we are able to make the deal with Mexico, & there is a good chance that we will, they will begin purchasing Farm & Agricultural products at very high levels, starting immediately. If we are unable to make the deal, Mexico will begin paying Tariffs at the 5% level on Monday!" Trump tweeted.
Amid the threat of tariffs looming, officials of the two countries began the third day of high-stakes discussions on the immigration issue on Friday in a bid to avoid the duties.
Trump has threatened to impose a five per cent tariff on all Mexican goods, which would increase by another five per cent every month and ultimately reach 25 per cent by October.
The new emergency is necessary due to "the failure of the Government of Mexico to take effective action to reduce the mass migration of aliens illegally crossing into the United States through Mexico," the document said.
Trump has repeatedly claimed that there's an influx of drugs and criminals from the US' southern border with Mexico. He has used these claims to justify and press for the construction of a wall along the US-Mexico border.
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