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.

Mexico has options beyond retaliatory tariffs in response to U.S. import duties, Economy Minister Marcelo Ebrard said Thursday.

China’s exports to developing markets have soared, opening indirect routes to the U.S. market that officials in Beijing worry may be closed under pressure from President Trump.