The United States and Mexico are about to reach an agreement on steel tariffs

BlockBeats News, June 11, according to informed sources, the United States and Mexico are close to reaching an agreement to eliminate the 50% tariff on steel imports below a certain threshold imposed during the Trump administration. Trump himself is not directly involved in the negotiations, which are being led by U.S. Commerce Secretary Lutenick.

The sources stated that under the current terms, U.S. buyers will be able to import Mexican steel tax-free as long as total shipments are kept below levels based on historical trade volumes. The new cap will be set higher than the limit allowed under a similar agreement during Trump’s first term. According to data from the U.S. Department of Commerce, last year the U.S. imported about 3.2 million tons of steel from Mexico, accounting for 12% of 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 during the 2015-2017 period. (Jin10)