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The US and Mexico are closing in on a deal that would remove President Donald Trump’s 50% tariffs on steel imports up to a certain volume, according to people familiar with the matter, a revamp of a similar deal between the trade partners during his first term.

Trump hasn’t been directly involved in the negotiations and would need to sign off on any deal. The talks are being led by Commerce Secretary Howard Lutnick, according to the people, who asked not to be identified as the discussions are private.

The people said the agreement hasn’t been finalized. Under its current terms, it would allow US buyers to import Mexican steel duty-free as long as they kept total shipments below a level based on historical trade volumes, according to the people. The new cap would be higher than what was allowed under a similar deal during Trump’s first term, they said, which was never a fixed figure but designed to “prevent surges.”

The White House didn’t immediately respond to a request for comment. Mexican President Claudia Sheinbaum’s office also didn’t respond to a request for comment.

Today's show features:

Bloomberg News Economic Statecraft Reporter Joe Deaux
Bloomberg News National Team Managing Editor Sarah McGregor on rising social unrest in Los Angeles
Jeetu Patel, President and Chief Product Officer at Cisco
Fran Katsoudas, Executive Vice President and Chief People, Policy & Purpose Officer at Cisco

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