The current US tariffs on imports of steel and aluminum are already reflected in international metal prices and the volatility of Latin American currencies.

Eduardo Ramos Romero, Financial Markets Analyst at VT Markets, commented that if the US Court of Appeals rules against Donald Trump's new tariffs, the US president could use other laws to reinstate them. He therefore expects there to be no definitive solution to the tariffs in the short term.

Therefore, market uncertainty could generate instability in both metal prices and the exchange rate. For example, aluminum and steel prices have increased between 14% and 190% in the US market in just a few weeks, while the currencies of Peru and Chile have recently shown slight depreciations.

The analyst suggested that producers should rethink their pricing and risk models, as well as implement hedging in metal and currency futures, in order to protect margins against new political or judicial surprises.