Shares of U.S. automakers including Ford Motor Co ( F ) and General Motors Co ( GM ) are moving lower Monday after U.S. President Donald Trump placed tariffs on Canada, Mexico and China.

What Happened: Trump signed executive orders on Saturday to impose 25% tariffs on Canada and Mexico and 10% tariffs on China in an effort to curb immigration and narcotics trafficking, per Reuters.

The tariffs, which are expected to take effect on Tuesday, include a 25% duty on all imports from Mexico and most goods from Canada, as well as a 10% duty on Chinese goods.

The auto industry is expected to be one of the hardest hit as U.S. automakers build, assemble and use parts from Canada and Mexico. Investors are also concerned about a potential trade war as Canada and Mexico have threatened to retaliate. The auto industry has a heavy reliance on North America, particularly Mexico where a lot of vehicles are manufactured.

“We may have short term some little pain, and people understand that. But long term, the United States has been ripped off by virtually every country in the world,” Trump reportedly told reporters on Sunday.

See Also: US Stocks Likely To Open Lower As Trump Imposes Tariffs On China, Canada, And Mexico: Expert Notes Feb Worst Month In Post-Election Years

General Motors ( GM ) reported fourth-quarter earnings last week that came in above analyst expectations. The automaker guided for strong earnings in 2025 on the back of growth in North America.

Ford is due to report fourth-quarter earnings after the market close on Wednesday. The company is expected to report earnings of 33 cents per share and revenue of $43.25 billion, according to estimates from Benzinga Pro.

F, GM Price Action: Ford shares were down 3.89% at $9.68 and GM shares were down 5.90% at $46.60 at the time of publication Monday, according to Benzinga Pro.