Washington: The U.S. and Mexico entered the second day of discussions on migration and trade, with the stock market rebounding on positivism that an agreement could be close, though it was unclear if the Mexican promise to control migration flows were sufficient to persuade the Trump administration to delay the tariffs.

U.S. President Donald Trump had threatened that tariffs of 5.0% on all Mexican imports will likely come into effect on Monday if Mexico did not stop the migrants heading for the U.S. border, mostly from Central America.

The bilateral meeting in Washington began on Wednesday to try and strike a proposal, with the Mexican government, U.S. business groups, and even a lot of Trump’s companion Republicans interested in averting the tariffs, the possibility of which has already nerved the financial market globally.    

U.S. Vice President Mike Pence said “there has been some movement on their part. It’s been encouraging”, “The discussions are going to continue in the days ahead” 

Mexican Foreign Minister Marcelo Ebrard clarified that the Mexican government had proposed to send 6,000 members of the National Guard to protect its southern border with Guatemala.

“If the president does declare a national emergency and attempt to put these tariffs into place, I will introduce a resolution of disapproval to stop his overreach,” said Democrat Richard Neal, the U.S. House of Representatives Ways and Means Committee’s chairman.

Mexican officials have drafted a list of U.S. items that may face counter tariffs if discussions do not end in a positive agreement. The targeted products are from industrial and agricultural states regarded as Trump’s electoral base.