Mexico’s President Claudia Sheinbaum deftly guided her country through the worst of Trump’s tariffs

Good morning! U.S. will host the 2031 Women's World Cup, David’s Bridal has a new strategy, and Mexico's president is the winner of tariff week.

- Almost unscathed. T-day hit the global economy like a ton of bricks. President Donald Trump announced the details of his tariffs—a 10% "baseline" tariff on all imports to the U.S. plus additional tariffs ranging between 20% and 54% for countries Trump called the "worst offenders." The president says tariffs are intended to return manufacturing jobs to the U.S., a declaration of "economic independence." Yet stocks, in one day, lost $3.1 trillion in market value. Major indexes dropped 6%. Recession odds have reached 35%.

But two countries were spared the brunt of Trump's retaliation. Canada and Mexico saw no additional tariffs imposed—and Mexico has President Claudia Sheinbaum to thank for that.

The Washington Post anointed Sheinbaum "the world's leading Trump whisperer" in early March after she negotiated two delays of tariffs on her country. The relationship-driven U.S. president seems to have grown to respect Sheinbaum, even as relationships with other world leaders have fractured. In March, Trump said he decided to delay the tariffs "out of respect for President Sheinbaum." He has called her a "very wonderful woman." Mexicans appreciated Sheinbaum's deft negotiation, with thousands gathering in March to cheer for her; she told them "we cannot cede our sovereignty." Her domestic approval rating soared to 85%.

Yesterday, Sheinbaum credited her relationship with Trump for Mexico's emerging, not quite unscathed, from Trump's new tariff regime. "This has to do with the good relationship we have built between the Mexican and U.S. government, which is based on respect,” she said on Thursday. (Trump negotiated a trade agreement with Canada and Mexico during his first term.) Mexico's trade minister called the lack of additional tariffs on Mexico a "major achievement."

Of course, Mexico has trading partners besides the U.S. and will feel the impact of tariffs as part of the global economy. Some companies have already paused production at facilities in Mexico while they reassess global supply chains. Taking a cue from the U.S. playbook, Sheinbaum has debuted "Plan Mexico," to promote the country's domestic production. Still, Sheinbaum's ability to navigate the dangerous waters of Trumpworld has made her stand out—just six months after taking office as Mexico's first female president.

Emma Hinchliffe
emma.hinchliffe@fortune.com

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