Henry Romero/REUTERS

The Mexican peso fell more than 1% versus the dollar Thursday.

Trump removed steel and aluminum tariff exemptions from Mexico, Canada, and the European Union.

Follow the Mexican peso in real time here.

The Mexican peso tumbled against the US dollar Thursday after President Donald Trump moved forward with steel and aluminum tariffs on Mexico, Canada, and the European Union.

The peso was down 1.18% to 19.9741 versus the dollar at 11:00 a.m. ET.

US Commerce Secretary Wilbur Ross said exemptions, which were previously granted to the US's closest allies, from 25% tariffs on steel and 10% tariffs on aluminum will expire at the end of the day Thursday.

The move comes after the Trump administration failed to win trade concessions from the European Union ahead of a Friday deadline. Trump threatened the US's closest allies with import taxes, 25% on steel and 10% on aluminum, in March.

The peso's slide was "limited" earlier Thursday because the currency has already priced in the the risk of an unsuccessful NAFTA deal, Mizuho Bank emerging markets currency trader Masakatsu Fukaya told Bloomberg.

"The fact that the US would impose tariffs because of that isn’t that surprising," Fukaya said.

The dollar is up 1% against the peso this year.

Markets Insider

NOW WATCH: What humans will look like on Mars