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,

U.S. steel stocks moved lower in late trading after Bloomberg’s report. Cleveland-Cliffs Inc. closed Tuesday, June 10, at $8.04 a share. By 5 p.m., after the announcement, it had dropped to $7.27 a share in after-hours trading. Nucor Corp. fell more than 4%. The Mexican peso trimmed losses.

The US and Mexico are closing in on a deal that would remove President Donald Trump’s 50% tariffs on steel imports up to a certain volume, according to people familiar with the matter, a revamp of a similar deal between the trade partners during his first term.

The storms are expected to become weaker in the coming days, but another tropical depression is forecasted to form later in the week.

The U.S. National Hurricane Center says two tropical storms have gathered strength off Mexico’s Pacific coast Monday, with one forecast to become a hurricane later in the day