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

If 25 percent tariffs are slapped on imports from Mexico and Canada, vehicles made there by GM, Ford, and Stellantis would get more expensive.

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.

The president-elect will waste little time in making good on his campaign promise, pledging to impose 25% levies on Mexico and Canada on his first day back in the White House.

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.