Mexican President Sheinbaum says she spoke with US President Trump on Wednesday, describing the call as very good and saying the two reached several agreements

Direct head-of-state calls of this kind have been the standard opening sequence in US-Mexico tariff episodes under this administration, and the pattern has been consistent: public characterisation of a constructive call, followed by a pause, deferral or narrowing of threatened measures, with the substance settled later at official level. The word "agreements" without a published list is the tell; in prior rounds the detail, on tariffs, border enforcement and fentanyl cooperation, has emerged through statements and executive action in the days after, and it is that paper rather than the tone that has moved MXN and the USDMXN vol surface. MXN has historically traded as the cleanest expression of this bilateral, with equity and energy spillover secondary and mostly through North American supply-chain names. What distinguishes a durable de-escalation from a reprieve has been whether deadlines are formally lifted or merely extended, the latter having repeatedly re-priced risk a few weeks out. Worth noting is the absence of any US-side readout so far; asymmetry in the two accounts has on past occasions preceded reversal of the initial relief.