US Mexico tariff deal stalls over Lutnick objections, WSJ reports

A US Mexico agreement that would have lowered US tariffs on steel, aluminum and automobiles in return for a series of concessions from Mexico has stalled after opposition from Commerce Secretary Howard Lutnick, the Wall Street Journal reported on Thursday, citing people familiar with the talks. Lutnick opposed major reductions in the 25 percent tariff on Mexican automobiles and the 50 percent levies on steel and aluminum, and objected to lowering tariffs on derivative products made from those metals. Mexican officials and many corporate executives had thought a deal appeared close, and an agreement would have opened the door to further discussions on renewing the US-Mexico-Canada Agreement.