The United States and Mexico are negotiating a deal to reduce or eliminate President Donald Trump's 50% steel tariffs on imports up to a certain volume, industry and trade sources said on Tuesday. An industry source familiar with the talks said that a likely outcome would include a quota arrangement,

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.

Shares of General Motors are up before the opening bell after announcing plans to invest $4 billion to shift some production from Mexico to U.S. manufacturing plants as the automaker navigates tariffs that could drive prices higher.

General Motors Co. plans to invest $4 billion in its US plants over the next two years in response to President Donald Trump’s tariffs in a move that reduces production in Mexico while boosting domestic output of some of its some of its top-selling gas-powered vehicles.

Michigan plant among three sites included in move driven by increased demand for high-profit SUVs and an effort to limit exposure to Trump's tariffs.