(Reuters) -The United States and Mexico are close to a deal that would get rid of 50% tariffs that U.S. President Donald Trump has imposed on Mexican steel imports up to a certain volume, Bloomberg News reported on Tuesday, citing people familiar with the matter.

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,

Cleveland-Cliffs (NYSE:CLF) -6.8% and Nucor (NYSE:NUE) -4.1% post-market Tuesday following a Bloomberg report that the U.S. and Mexico are nearing a deal that would remove President Trump's 50% tariffs on steel imports up to a certain volume.