Brazilian steelmaker Gerdau may opt to bump up its output capacity in the United States instead of building a new plant in Mexico, its CEO said on Thursday, as tariffs implemented by President Donald Trump shake up global trade.

As traders worldwide wait to see if U.S. President Donald Trump once again holds off on putting new tariffs on Canada and Mexico, the head of the U.S. Treasury Department has highlighted one potentially promising avenue for America’s neighbors.

President Trump says he'll impose tariffs on Mexico and Canada on Tuesday. Mexico is working hard to persuade Trump to hold off on the threat.