Thomas J. Gibson, president and CEO of the American Iron and Steel Institute (AISI), issues statement on announcement that the U.S. and Mexico had reached a bilateral understanding on NAFTA renegotiation.

The Mexican tariffs, which also hit imported cheese and certain fruits and vegetables, take effect immediately.

The taxes on imported steel and aluminum that the Trump administration plans to impose might not apply to Canada or Mexico — if the countries agree to overhaul NAFTA.