Mexico City, Mexico - Mexican President Claudia Sheinbaum's Thursday meeting with US Trade Representative Jamieson Greer seems to have paid off, as Mexico was exempted from 80% of President Donald Trump's tariffs.

"In advance of the third bilateral negotiating round, Ambassador Greer met with President Sheinbaum at the National Palace to discuss progress in negotiations related to the USMCA Joint Review," Greer wrote in a statement on X.

"The Trump Administration looks forward to continued collaboration with Mexico to achieve balanced trade and resolve cross-border economic challenges."

Sheinbaum acknowledged the meeting as well, also writing that they had "advanced" the US-Mexico-Canada Agreement (USMCA) review and "bilateral agreements for the benefit of both peoples."

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Greer also met with Mexican Secretary of Economy Marcelo Ebrard, with whom he released a joint statement underscoring the importance of bilateral cooperation and cross-border supply chains.

The meeting came hours before the Trump administration unveiled new tariffs on 60 trading partners over forced labor concerns.

New levies are meant to replace the temporary 10% duties Trump introduced earlier this year after his universal tariff was struck down by the Supreme Court.

Over 80% of all Mexican exports to the US will be exempt from the newly announced tariffs, giving Mexico a clear win as the third round of USMCA renegotiations reach their conclusion.

Under the new regime, Mexico is set to experience a 10% tariff on the remaining 20% of goods, a number that is also less than most other countries, which are being levied up to 12.5%.

The exemptions are significant as they mean goods covered by the USMCA won't be levied alongside everything else – something that cannot be said for Canada. In effect, the agreement means Mexico's trade position won't change much.

"We don't see a change in the tariff Mexico is paying today," Ebrard said in a statement. "It doesn't change the position we've had up to now."