Beyond hurting Mexico's metals sector, the 25% tariffs also will hit manufacturers in Mexico making products containing non-U.S. steel.

Mexico won’t retaliate immediately against U.S. import tariffs on steel and aluminum, as it is waiting to see what the U.S. intends to do with global reciprocal tariffs planned for April, President Claudia Sheinbaum said Thursday.

In the first 50 days of his second term, President Trump’s penchant for imposing and then suspending tariffs has shaken markets and confounded trading partners.