MEXICO CITY - Mexico did not rule out the possibility of responding to the US new levies with reciprocal measures, but would prefer to pursue dialogue as more tariffs would cause prices to rise, Mexican President Claudia Sheinbaum said on Monday.

Mexican Economy Minister Marcelo Ebrard will travel to Washington DC, this week to "continue talks" with the US government, Sheinbaum said at a press conference.

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"As much as possible, we want to avoid applying reciprocal tariffs," she said. "We wouldn't rule out a 25 percent increase, but we prefer to continue the dialogue before taking any other measure."

The Mexican president stressed that her priority is "protecting Mexican industry and Mexican companies."

Mexico's National Chamber of the Iron and Steel Industry warned that the tariffs will significantly impact Mexican steel exports.

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US President Donald Trump earlier this month signed an executive order on the so-called "reciprocal tariffs," imposing a 10 percent "minimum baseline tariff" and higher rates on certain trading partners.

For Canada and Mexico, United States-Mexico-Canada Agreement (USMCA) compliant goods will continue to see a 0 percent tariff, non-USMCA compliant goods will see a 25 percent tariff, according to the White House.