Mexico said Wednesday the United States will be shooting itself in the foot if President-elect Donald Trump implements his threats to impose 25-percent tariffs on Mexican imports.

General Motors and Stellantis shares fell Tuesday morning after President-elect Donald Trump announced that his tariff plan would include 25% tariffs on imported goods from Canada and Mexico. The global automotive industry could be severely affected by these tariffs as many companies have moved manufacturing plants to other countries to lower the cost of production

President-elect Donald Trump said Monday that he plans to impose new tariffs on goods from Canada, China, and Mexico on his first day in office. While that day is roughly two months from now, you may already be concerned about how the tariffs could impact your wallet.