Citigroup analysts led by Alexander Hacking said Trump's threat to impose 25% tariffs on major suppliers in Canada and Mexico will make steel and aluminum the metals most affected.

As the largest metal import market for these two countries, the US tariff policy may cause steel prices to rise by US$100 to US$150 per short ton, and the premium for aluminum prices in the Midwest over that of the London Metal Exchange to double to as much as 50 cents.

Mexican President Claudia Sheinbaum warned that the US measures may have serious economic consequences and Mexico may retaliate with tariffs. Citigroup said that any retaliatory tariffs would hurt US steel mills, especially sheet products.

The Canadian government pointed out that the US is its largest metal export market, with aluminum, iron, and steel accounting for about almost 50% of metal exports.