According to Bloomberg, the United States and Mexico are nearing an agreement to eliminate the 50% steel import tariffs announced by President Donald Trump, instead establishing new import limits based on historical trade volumes. The current draft allows for duty-free imports of Mexican steel, provided they do not exceed that limit, which is set higher than similar arrangements during Trump's first term. The negotiations are led by Secretary of Commerce Howard Lutnick, and the final agreement still requires Trump's approval.