Mexican officials said the government is increasingly confident of a trade deal with the U.S. that could cut tariffs on key exports including steel, aluminum and light vehicles. Officials said negotiators are working toward lowering the U.S. tariff on Mexican light vehicles from 25% to 15% nominal; because the 25% rate only applies to non-U.S.-origin content, the effective duty could decline to about 10–12%. Mexico is seeking terms better than those Ottawa secured last month — Washington offered

Mexican officials said the government is increasingly confident of a trade deal with the U.S. that could cut tariffs on key exports including steel, aluminum and light vehicles. Officials said negotiators are working toward lowering the U.S. tariff on Mexican light vehicles from 25% to 15% nominal; because the 25% rate only applies to non-U.S.-origin content, the effective duty could decline to about 10–12%. Mexico is seeking terms better than those Ottawa secured last month — Washington offered Canada a 15% nominal rate that could translate to roughly a 7% effective rate after regional-content discounts. Officials said they are also optimistic about cutting U.S. steel and aluminum tariffs that currently run as high as 50%, but specific reductions have not been decided.