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.

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,

President Donald Trump says the increase in tariffs will protect America's steel industry, along with an expected partnership with Japan.