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.

By May Angel, Helen Reid and Jessica DiNapoli LONDON/NEW YORK (Reuters) -U.S. President Donald Trump's trade tariffs are meant to boost domestic manufacturing. But in the chocolate industry, they're doing the opposite: ramping up the cost of importing already-pricey cocoa and hurting the competitiveness of local factories versus Canadian and Mexican outfits that supply the U.

President Trump has threatened to increase Mexico’s tariff rate to 30 percent starting Aug. 1, claiming the country hasn’t sufficiently tackled drug cartels.