This Morning in Metals: Mexican Official Says Deal to Remove U.S. Metals Tariffs Could be Close

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This morning in metals news, a senior Mexican official indicated the U.S. and Mexico could be nearing a solution leading toward removal of the U.S.’s Section 232 metals tariffs, British Steel is looking for financial assistance and President Donald Trump referred to the ongoing trade conflict with China as a “little squabble.”

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Is a Deal Close Regarding Metals Tariff Removal for Mexico?

According to Mexican Economy Minister Graciela Marquez, Mexico may be getting closer to negotiating the removal of the U.S.’s tariffs on steel and aluminum, as the U.S., Canada and Mexico aim to push the United States-Mexico-Canada Agreement (USMCA) across the finish line.

“We are, I think, close to negotiating the lifting of the tariffs,” she told Canadian broadcaster CBC, as quoted by Reuters. “We’re having very fruitful conversations on lifting the tariffs not only in the U.S. but also here in Toronto.”

British Steel Looking for Help

A couple of weeks after securing a £100 million loan, British Steel is still looking for financial assistance as it attempts to navigate what it sees as challenges stemming from the Brexit process.

According to the BBC, the steelmaker said “uncertainties around Brexit are posing challenges for all businesses including British Steel.”

A ‘Little Squabble’

Ongoing trade talks and hopes for a deal took a hit last week when Trump more than doubled tariffs on $200 billion in Chinese goods; China retaliated with tariffs on $60 billion in U.S. goods.

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Despite the escalation after a relatively calm period during which optimism was on the ascent, Trump referred to the economic dispute between the two countries as a “little squabble” and that talks have not collapsed.

Stuart Burns earlier today delved into the market impact of the ongoing trade war between the U.S. and China.

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