Mexico and US Reach Closer to Agreement on Reducing Trump’s Steel Tariffs

Negotiations between the United States and Mexico are progressing toward an agreement that would potentially remove or significantly reduce tariffs on steel imports from Mexico. Sources close to the situation indicate a potential quota system, which could allow for specific volumes of Mexican steel imports into the US with no or minimal tariffs, while imports exceeding that volume would face the full 50% tariff. However, details about whether the agreement would entirely exempt imports within the quota from any duties or reduce the applicable rate remain unclear. The specific volume cap for this proposed quota has yet to be finalized.