The United States and Mexico are close to reaching a deal to remove or reduce 50% tariffs on steel imports, industry officials and sources familiar with the situation said. This source said one possible scenario would be a quota system that permits a specific volume of Mexican imports into the country.

U.S. President Donald Trump on Thursday warned he may soon hike auto tariffs, arguing that could prod automakers to speed U.S. investments. "I might go up with that tariff in the not too distant future,