President Enrique Pena Nieto on Thursday canceled a scheduled visit to the United States next week following Trump's insistence that Mexico "respect" the United States and pay for a new wall on the southern USA border.
U.S. President Donald Trump said he had a friendly phone call with Mexico's president on Friday but asserted he will renegotiate trade deals and other aspects of the countries' ties because Mexico has "beat us to a pulp" in the past.
Enrique Pena Nieto and Donald Trump in August a year ago.
Later on Thursday, the Trump administration said it was considering a 20% border tax on Mexican imports to pay for the wall. But Pena Nieto took to Twitter Thursday to say he had informed the White House he would not be coming.
According to the United States Trade Representative, Mexico is the third largest goods trading partner with the United States.
But president Enrique Pena Nieto condemned Mr Trump's order and said Mexico would not contribute any money.
Slim said he felt "great pleasure" in seeing Mexican society back Pena Nieto's decision to cancel next week's meeting, saying he was surprised by the national unity.
"Mexico reiterates its willingness to work with the United States to reach accords that favour both nations".
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Guajardo said the United States and Mexico could reach mutually beneficial improvements to the North American Free Trade Agreement if the issue of paying for the wall was resolved. "Netanyahu's top aide's told me a key goal in Trump's era was keeping bipartisan support for Israel, now this?" What I'm doing is good for the United States.
Mr Trump views the wall - a major promise during his election campaign - as part of a package of measures to curb illegal immigration. While President Trump has insisted Mexico will pay for it, Mexico has strongly denied that claim time and time again.
Trump's order came the same day Mexico's foreign relations and economy secretaries arrived in Washington for talks.
At the heart of the dispute is Trump's insistence that Mexico will pay for construction of the massive wall he has promised along the southern USA border. Look, we can not lose our companies to Mexico or any other place and then have them make the product and just send it across our borders free.
Mexico's peso, which has fallen sharply against the U.S. dollar in the face of Trump's stances on trade and immigration, extended losses to 1 percent after Mr Pena Nieto fired off his tweet, before paring losses.
"All it is, is we'll be reimbursed at a later date from whatever transaction we make from Mexico", he said.
On Friday afternoon, Mexican business magnate Carlos Slim called for "national unity" in the face of Trump's hostility, and said the country should have a measured response "without getting angry but without surrendering".
House of Representatives Speaker Paul Ryan, asked if lawmakers were anxious about the U.S. relationship with Mexico, said, "I think we'll be fine".