Mexican President Claudia Sheinbaum on Tuesday warned U.S. President-elect Donald Trump of dire economic consequences for both countries from tariffs and suggested possible retaliation following his threat of across-the-board tariffs of 25% on Mexico and Canada.

Trump's early tariff announcements on Mexico, Canada, and China are just the "opening move," wrote one trade-focused attorney.

Mexico and Canada are the United States’ top two trading partners, accounting for nearly 30% of trade volumes.

President Claudia Sheinbaum suggested Tuesday that Mexico could retaliate with tariffs of its own, after U.S. President-elect Donald Trump threatened to impose 25% import duties on Mexican goods if the country doesn’t stop the flow of drugs and migrants across the border.

President-elect Donald Trump promised to impose a 25% tariff on all goods from Mexico and Canada on his first day in office. Imports from Mexico and Canada totaled $900 billion in 2023. Trump has proposed tariffs as a solution to government funding.

Mexican President Claudia Sheinbaum has clapped back at President-elect Trump’s proposed 25% tariff on imported goods from Mexico, saying she would impose tariffs of her own on the U.S.

If enacted, they would violate the 2020 deal that the United States inked with Canada and Mexico during Donald Trump’s first term.

Among the roster of officials filling out the Trump 2.0 team, the president-elect has picked more than a dozen operatives, lawyers and officials who attended his criminal trial in Manhattan earlier this year,