The major impact mercantilism had in Latin America was the establishment of Colonies from major European Powers at the time, such as Spain and Portugal.
Those countries needed colonies so they could extract raw materials that would be useful to produce more goods and sell them.
At the time, mercantilism and the quantity of gold and silver were what determined if a country was powerful or not, because of that, Portugal and Spain became the major powers at the time.
This caused the major loss of gold and silver, the destruction of native people who lived in those Latin American countries, the slavery of those people, and the mass destruction of forests and nature.
On the other side, mercantilism developed those countries and made possible for them to become independent eventually.