The nation's leading business groups expressed relief Saturday over the White House's announcement it had reached a deal with Mexico and would be dropping plans to place tariffs on its goods.

The groups urged both sides to build on that by ensuring that the U.S.-Mexico-Canada Agreement, a trade deal that would replace the 1993 North American Free Trade Agreement, is ratified by all three countries.

"We are very pleased that the Trump administration and the Mexican government reached an agreement to address the migratory crisis at the border and remove the threat of new tariffs. This is good news for American businesses and consumers," said Tom Donohue, CEO of the U.S. Chamber of Commerce, the nation's largest trade association.

Donohue added: "With the threat of tariffs now off the table, it is critical that Congress turn its attention to enactment of the USMCA trade agreement. USMCA will preserve and strengthen North American trade, boosting economic growth and job creation. The Chamber intends to put all of its resources behind securing the earliest possible passage of USMCA."

The Business Roundtable, which represents the chief executives of the nation's companies, expressed "relief" over the announcement but added, "We remain deeply concerned about using the threat or imposition of tariffs to press policy changes with our neighbors and allies." The group also pledged to help with the deal's passage.

President Trump had threatened to impose 5% tariffs on all Mexican goods starting Monday, and going up another 5% each month after that up to a maximum of 25%, if the Mexico did not curb immigration to the U.S. Following several days of negotiations, Trump announced late Friday that the tariffs were "indefinitely suspended" following a deal in which Mexico agreed to step up enforcement and accept more asylum seekers itself. The terms of the deal will be finalized in the next 30 days.

Trump's threat was seen as potential danger for USMCA's ratification, which had been taken up by the Mexican Senate the same day the president made the tariff threat.