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.

What's happening: The U.S. government is imposing tariffs up to 25% on key goods from Mexico and Canada. Goods from China were temporarily rolled back from 145% to 30% as of May 14, 2025, for a span of 90 days. On June 11, President Donald Trump said the U.S. and China reached an agreement, with tariffs on Chinese imports set at 55%.

Consumer sentiment improved more than expected in June, indicating a swell of optimism as President Donald Trump rolled back some tariffs in recent weeks.

"When you think about it, in the normal course, getting quietly to do a 10% tariff on everything from everywhere was a huge achievement," Secretary Wilbur Ross tells Fortune.

While it’s too early to gauge the full impact of the 2025 tariffs, early signs suggest some sectors are more exposed to short-term volatility than others.

A federal appeals court ruled Trump can continue to collect tariffs while businesses and states try to overturn taxes on foreign imports.

Automakers are facing increasing cost pressures stemming from tariffs. In recent weeks, Ford Motor and Subaru of America have hiked prices on some models due to higher costs from Trump's tariffs. In May, Ford estimated tariffs would cost it about $1.5 billion in adjusted earnings.

The 2023 agreement from the Biden administration, a memorandum of understanding with the tribes that brokered a 10-year truce in the legal battles, committed $300 million to Washington, Oregon and the tribes to restore the wild salmon population. The Biden administration allocated another $60 million to the effort last year.

Inflation ticked slightly higher in May, rising 2.4%, in line with expectations, according to the U.S. Consumer Price Index released Wednesday. Prices rose 0.1 percent for the month, according to the Bureau of Labor Statistics. The month-over-month increase is less than expected.

China, Mexico, the European Union, Japan, Canada and many airlines and aerospace companies worldwide urged the Trump administration not to impose new national security tariffs on imported commercial planes and parts,

Key Takeaways The S&P 500 slipped 0.3% on Wednesday, June 11, as investors weighed softer-than-expected inflation data and progress on U.S.-China trade talks.Shares of Nucor and other steelmakers lost ground following reports that the U.