The United States and Mexico are close to a deal that would get rid of 50% tariffs that U.S. President Donald Trump has imposed on Mexican steel imports up to a certain volume, Bloomberg News reported Tuesday, citing people familiar with the matter.

The terms of the agreement, which haven't been finalized, would allow U.S. companies to import Mexican steel tariff-free as long as total shipments are kept below a level based on historical trade volumes, Bloomberg reported.