Shares of General Motors Co. and Ford Motor Co. were selling off Tuesday, as president-elect Donald Trump’s new tariff threat fueled concerns that a “meaningful” number of auto sales will be lost. Late Monday,

General Motors Company ($GM), and Stellantis N.V. ($STLA) — slid during mid-day trading Tuesday after President-elect Donald Trump announced plans to impose a 25% tariff on all imports from Canada and Mexico.

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.