Talks on a trade agreement between the United States and Mexico have stalled over Washington’s reluctance to lower import tariffs, The Wall Street Journal reported, citing sources.
Washington and Mexico City had reportedly been close to an agreement that would reduce US tariffs on steel, aluminium and automobiles in exchange for certain concessions from Mexico.
However, progress has slowed significantly in recent days because of US Commerce Secretary Howard Lutnick’s position.
According to the sources, Lutnick opposed substantial reductions in the 25% tariff on vehicles imported from Mexico and the 50% tariffs on steel and aluminium.
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