President Donald Trump said that he is delaying collecting tariffs from Mexico on many products until April 2 amid fears that tariffs would soon cause consumer prices to rise.

President Trump said he made the decision to delay collecting tariffs on many Mexican goods after speaking with President Claudia Sheinbaum.

"I did this as an accommodation, and out of respect for President Sheinbaum. Our relationship has been a very good one, and we are working hard, together, on the border, both in terms of stopping illegal aliens from entering the United States and, likewise, stopping fentanyl. Thank you to President Sheinbaum for your hard work and cooperation!" Trump wrote on Truth Social.

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Tariffs of 25% were set to begin on goods being imported from Mexico and Canada this week. But as economists warned of the immediate impacts that consumers could soon feel, the Trump administration said Wednesday it would delay implementing the tariffs on some cars produced by automakers.

President Trump's announcement comes after Commerce Secretary Howard Lutnick told CNBC early Thursday that most tariffs from Canada and Mexico would be delayed.

“My expectation is that the president will come to the agreement today and that USMCA compliant goods will not have a tariff for the next month until April 2,” the commerce secretary said.

The United States-Mexico-Canada Agreement was the 2019 pact President Trump signed during his first term, which continued free trade between the three nations. On Wednesday, President Trump said he had spoken to Canadian Prime Minister Justin Trudeau about the tariffs.

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"Justin Trudeau, of Canada, called me to ask what could be done about tariffs. I told him that many people have died from fentanyl that came through the borders of Canada and Mexico, and nothing has convinced me that it has stopped," Trump wrote. "He said that it’s gotten better, but I said, 'That’s not good enough.'"

Trudeau has stated that Canada has strengthened its border security and does not believe his nation has played much of a role in the United States' battle with fentanyl.