President Trump said on Friday that the U.S and Mexico signed an agreement to stop the implementation on Monday of a 5 percent tariff on Mexican goods.

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"The Tariffs scheduled to be implemented by the U.S. on Monday, against Mexico, are hereby indefinitely suspended," Trump wrote in a tweet late Friday night. "Mexico, in turn, has agreed to take strong measures to stem the tide of Migration through Mexico, and to our Southern Border."

I am pleased to inform you that The United States of America has reached a signed agreement with Mexico. The Tariffs scheduled to be implemented by the U.S. on Monday, against Mexico, are hereby indefinitely suspended. Mexico, in turn, has agreed to take strong measures to.... — Donald J. Trump (@realDonaldTrump) June 8, 2019

"This is being done to greatly reduce, or eliminate, Illegal Immigration coming from Mexico and into the United States. Details of the agreement will be released shortly be the State Department," Trump added.

Last week, Trump threatened to slap a 5 percent tariff on all products imported from Mexico if the country didn't take appropriate action to reduce or eliminate the number of undocumented migrants entering the U.S.

The State Department released a statement reinforcing the countries' commitment to bilateral cooperation that will enhance information sharing and coordinated action to secure the southern border.

“Mexico will take unprecedented steps to increase enforcement to curb irregular migration, to include the deployment of its National Guard throughout Mexico, giving priority to its southern border. Mexico is also taking decisive action to dismantle human smuggling and trafficking organizations as well as their illicit financial and transportation networks,” the department said in a statement.

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