Trending Now
Senators push back against Vought’s call for more partisan spending process
Johnson demands NARA turn over records related to Biden’s mental ‘decline’...
White House pushes back forcefully on Epstein file criticism: ‘Asinine suggestion’
‘Irrelevant’: Senators push back against Vought’s call for more partisan spending...
Biden-era policy indirectly paying for unaccompanied minors’ abortions rescinded by Trump...
Israel’s stock market hits record high despite Israel-Hamas war, political crisis
Congress sends $9B spending cuts package to Trump’s desk after late-night...
Trump’s modest spending cuts package survives narrow Senate vote as some...
PETA applauds GOP lawmakers’ demand to halt NIH funding for ‘cruel’...
State Department says US ‘unequivocally condemns’ Israeli airstrike in Syria, calls...
Senators push back against Vought’s call for more partisan spending process
Johnson demands NARA turn over records related to Biden’s mental ‘decline’...
White House pushes back forcefully on Epstein file criticism: ‘Asinine suggestion’
‘Irrelevant’: Senators push back against Vought’s call for more partisan spending...
Biden-era policy indirectly paying for unaccompanied minors’ abortions rescinded by Trump...
Israel’s stock market hits record high despite Israel-Hamas war, political crisis
Congress sends $9B spending cuts package to Trump’s desk after late-night...
Trump’s modest spending cuts package survives narrow Senate vote as some...
PETA applauds GOP lawmakers’ demand to halt NIH funding for ‘cruel’...
State Department says US ‘unequivocally condemns’ Israeli airstrike in Syria, calls...
Insider Dealing News
  • Stock
  • Investing
  • Politics
  • World News
  • Editor’s Pick
Politics

US and Mexico close to agreement on easing Trump’s steel tariffs on imports: report

by June 11, 2025
written by June 11, 2025
mexico tariffs, trump steel tariffs, trump tariffs, steel tariffs

The United States and Mexico are moving closer to a trade agreement that would limit the impact of President Donald Trump’s proposed 50% tariffs on steel, by allowing a portion of imports to enter the US duty-free, according to a report by Bloomberg.

The arrangement, still under negotiation, would set a cap on Mexican steel shipments based on historical trade volumes, effectively reviving a framework used during Trump’s first term but with a higher threshold.

People familiar with the discussions cited in the report say the cap would be designed to “prevent surges” in steel imports without establishing a fixed numerical quota.

This model aims to reassure US steelmakers while providing flexibility for Mexican exporters and US end-users reliant on Mexican supply chains.

Commerce Secretary Howard Lutnick is leading the talks, which remain private.

Trump has not yet been directly involved, but his approval would be required for the deal to move forward.

Negotiators say the broad outlines of the agreement have been agreed upon, but final details are still being hammered out.

Cleveland-Cliffs, Nucor share prices fall in response

News of the potential softening in tariff policy affected markets late Tuesday.

Shares of US steelmakers, including Cleveland-Cliffs and Nucor, dropped sharply, declining by more than 7% and 4% respectively.

The Mexican peso, which had been under pressure earlier in the session, trimmed some losses after the news broke.

Mexico’s Economy Minister Marcelo Ebrard has been vocal in rejecting the premise behind the proposed 50% tariffs.

Speaking at an event on Tuesday, he said the US actually exports more steel to Mexico than it imports, calling the tariffs unjustified.

Ebrard said he made this case in meetings with US officials last week in Washington, where he was photographed shaking hands with Lutnick.

“We are waiting for their response, because on Friday we gave them the details of Mexico’s argument and we are right,” Ebrard told reporters Tuesday.

“So we are going to wait for their response which will probably be this very week.”

Steel deal part of broader US-Mexico realignment

The talks are unfolding against a backdrop of broader diplomatic repositioning between Trump and Mexican President Claudia Sheinbaum.

Washington has demanded tougher action from Mexico on immigration and drug trafficking, areas where cooperation remains uneasy.

Homeland Security Secretary Kristi Noem recently accused Sheinbaum of encouraging anti-deportation protests in Los Angeles—an allegation Sheinbaum strongly denied as “absolutely false.”

The prospective steel deal also comes just ahead of the Group of Seven summit in Canada, where Trump and Sheinbaum are expected to meet, potentially giving the agreement geopolitical significance as well as economic impact.

Steel trade tensions linger as industries diverge

According to Commerce Department data, the US imported about 3.2 million metric tons of steel from Mexico in 2023—roughly 12% of total US steel imports.

The 2019 agreement between the two nations during Trump’s previous term set import limits based on 2015-2017 averages, and the new framework is expected to exceed those levels while maintaining safeguards against sharp increases.

Trump’s announcement last week to double steel tariffs came alongside his endorsement of Nippon Steel’s proposed acquisition of US Steel Corp., positioning the move as a measure to protect domestic industry.

While the tariff hike has pleased steel producers, downstream manufacturers and construction firms have warned it could increase costs and disrupt supply chains.

If finalized, the agreement could mark a calibrated policy shift—protecting US industry while avoiding full-scale trade friction with a key partner.

The post US and Mexico close to agreement on easing Trump’s steel tariffs on imports: report appeared first on Invezz

0 comment
0
FacebookTwitterPinterestEmail

previous post
Crude oil awaits fresh catalyst to rise further: can recent strength hold?
next post
Republican senator teams up with Democrat to push $15 per hour minimum wage plus annual inflation increases

Related Posts

UK rate cuts: August and November projected by...

July 17, 2025

Is Trump handing China a win in the...

July 16, 2025

UK inflation hits 3.6%; BoE expected to exercise...

July 16, 2025

Why Australia’s green steel ambitions face reality check...

July 16, 2025

UBS predicts further slowing of US economic growth...

July 15, 2025

Israel’s stock market hits record high despite Israel-Hamas...

July 18, 2025

Dow Futures flat amid latest Trump vs Powell...

July 17, 2025

UK lowers voting age to 16 in major...

July 17, 2025

Epstein’s ghost won’t quit: Trump faces MAGA mutiny...

July 17, 2025

China’s heatwave fuels record power demand, strains grid

July 17, 2025

UK rate cuts: August and November projected by...

July 17, 2025

Is Trump handing China a win in the...

July 16, 2025

UK inflation hits 3.6%; BoE expected to exercise...

July 16, 2025

Why Australia’s green steel ambitions face reality check...

July 16, 2025

UBS predicts further slowing of US economic growth...

July 15, 2025

Israel’s stock market hits record high despite Israel-Hamas...

July 18, 2025

Dow Futures flat amid latest Trump vs Powell...

July 17, 2025

UK lowers voting age to 16 in major...

July 17, 2025

Epstein’s ghost won’t quit: Trump faces MAGA mutiny...

July 17, 2025

China’s heatwave fuels record power demand, strains grid

July 17, 2025







    Fill Out & Get More Relevant News





    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2024 InsiderDealingNews.com All Rights Reserved.

    Insider Dealing News
    • Stock
    • Investing
    • Politics
    • World News
    • Editor’s Pick