President Claudia Sheinbaum of Mexico said she had an "excellent conversation" with U.S. President-elect Donald Trump on Wednesday, lowering tensions stoked this week by the American leader's threat to impose tariffs.

Donald Trump has announced 25% tariffs on Mexico and Canada. Here is how they would work and what such tariffs might mean.

Economists worry that Trump's tariff plan will raise the prices of a range of imported goods, from cars to electronics.