The United States and Mexico are close to reaching a deal to remove or reduce 50% tariffs on steel imports, industry officials and sources familiar with the situation said. This source said one possible scenario would be a quota system that permits a specific volume of Mexican imports into the country.

The United States and Mexico are negotiating a deal to reduce or eliminate President Donald Trump's 50% steel tariffs on imports up to a certain volume, industry and trade sources said on Tuesday. An industry source familiar with the talks said that a likely outcome would include a quota arrangement,