Stocks of GM and Ford took a hit, amid concerns that Trump’s plan for tariffs on imports from Mexico and Canada could cut auto sales more than a million cars.

Trump's proposed 25% tariffs on vehicle imports from Mexico and Canada have sparked widespread concern in the U.S. automotive industry.

Nearly every major automaker operating in the U.S. has factories in Mexico, however GM and Stellantis produce highly profitable full-size pickup trucks there.