Reports suggest the US and Mexico are close to reaching an agreement on steel tariffs

According to informed sources, the United States and Mexico are about to reach an agreement to remove the 50% tariff imposed by Trump on steel imports below a certain quantity. Trump did not directly participate in the negotiations, which were led by U.S. Commerce Secretary Lutenik. The sources stated that under the current terms, as long as U.S. buyers keep the total shipment volume below levels based on historical trade volumes, they can import Mexican steel duty-free. The new cap will be higher than the limit allowed by a similar agreement during Trump's first term. According to data from the U.S. Department of Commerce, last year the total amount of steel imported from Mexico was about 3.2 million tons, accounting for 12% of the total U.S. steel imports. During Trump's first term, the U.S. and Mexico reached an agreement in 2019 to prevent import volumes from exceeding the average levels of the 2015-2017 period.