(Reuters) -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 on 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.