U.S., Mexico close to steel tariff deal

Odaily News The United States and Mexico are close to a deal to remove Trump’s 50% tariff on steel imports below a certain amount, according to people familiar with the matter. Trump was not directly involved in the negotiations, which were led by U.S. Commerce Secretary Mark Lutnick. Under the current terms, U.S. buyers can import Mexican steel duty-free as long as they keep total shipments below levels based on historical trade volumes, the people said. The new cap would be higher than allowed under a similar deal during Trump’s first term. U.S. steel imports from Mexico totaled about 3.2 million tons last year, accounting for 12% of total U.S. steel imports, according to U.S. Commerce Department data. During Trump’s first term, the United States and Mexico reached a deal in 2019 to prevent imports from exceeding the average level from 2015 to 2017.