The US and Mexico are on the verge of reaching an agreement to lift the 50% tariff imposed by Trump on steel imports below a certain quantity. The negotiations were led by the US Commerce Secretary Howard Lutnick.

Under the current terms, as long as US buyers control the total shipment volume below the level based on historical trade volumes, they can import Mexican steel duty-free. 

The new limit will be higher than the one allowed under a similar agreement during Trump's first term.