"The U.S. has become a dumping ground for everybody else’s problems. When Mexico sends its people, they're not sending their best," Trump told the audience. "They're sending people that have lots of problems. They're bringing drugs. They're bringing crime. They're rapists."
These comments are among several Trump made during his speech that many have criticized for being racially insensitive.
"Although I am not Mexican, I am Puerto Rican and a proud Latina, and his comments were an insult to our culture," Sanchez said in her statement. "I won't sponsor anything produced by Donald Trump."
The 42-year-old actress was set to co-host the Spanish-language simulcast of the upcoming simulcast of Miss USA -- which is operated by the Miss Universe Organization -- alongside actor Cristian De La Fuente, who has also bowed out of participating.
Meanwhile, NBC -- who have long had business ties with Trump, including their partnership in the Miss Universe Organization -- has also taken steps to distance themselves from Trump.
NBC released a statement to Entertainment Weekly on Thursday, stressing, "Donald Trump’s opinions do not represent those of NBC, and we do not agree with his positions on a number of issues, including his recent comments on immigration."