It is reported that the United States and Mexico are close to reaching an agreement on steel tariffs

On June 11, according to people familiar with the matter, the United States and Mexico are close to reaching an agreement to remove Trump's 50% tariff on steel imports below a certain amount. Trump is not directly involved in the negotiations, which are led by U.S. Commerce Secretary Lutnik. Under current terms, U.S. buyers can import Mexican steel duty-free as long as they keep total shipments below a level based on historical trade volumes, the people said. The new cap would be higher than that allowed under a similar agreement during Trump's first term. U.S. steel imports from Mexico totaled about 3.20 million tons last year, accounting for 12 percent of total U.S. steel imports, according to Commerce Department data. During Trump's first term, the United States and Mexico reached an agreement in 2019 to prevent imports from exceeding the average for the 2015-2017 period.