The US started new 25% tariffs on steel and aluminum imports on March 12, with no exemptions nor special quotas for some countries; this means the new tariff also takes effect on US' top two trading partners, Canada and Mexico

In response to US' new tariff, Canada decided to impose 25% tariffs on various US products worth approximately US$20 billion. Meanwhile, Mexico has decided to wait until April 2 to make a final decision.

Mexican President Claudia Sheinbaum said she will wait until April 2, the date that the White House will impose reciprocal tariffs, to define her strategy. Sheinbaum affirmed that her cabinet, including Economy Secretary Marcelo Ebrard and Finance Secretary Edgar Amador, will hold negotiations with their US counterparts in the coming weeks to eliminate tariffs against Mexico.