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

Mexico will wait to see how talks with the United States progress in the next two weeks before deciding on applying reciprocal tariffs on U.S. steel and aluminum imports, Mexican President Claudia Sheinbaum said Wednesday.

President Trump imposed a 25 percent tariff on metal imports, sparking new global trade spats as he attempts to shield the U.S. economy from foreign competition.