Claudia Sheinbaum, Mexico’s first female president, has made concessions to President Donald Trump on immigration and fentanyl. But she’s also firing back.

The market predicts that a 25% tariff on imports, as the White House is considering, would place Mexico on the brink of a recession.

Mexico on Tuesday began the 10,000-strong border troop deployment it had promised President Donald Trump in exchange for delaying a 25% tariff.