President Donald Trump and his Mexican counterpart Claudia Sheinbaum plan to speak by phone on Thursday morning, according to people familiar with the plans, as a Friday deadline to avoid a 30% tariff nears with no agreement between the US and its largest trade partner.

Come Friday, the world will have to contend with higher tariff rates from the Trump administration, raising the specter of even more economic uncertainty. For most countries, that can of worms has been kicked twice down the road,

Canada faces a 35 percent tariff on its exports to the United States if it does not reach a trade deal with the Trump administration by Friday.