Shares of automakers including $Ford Motor (F.US)$, $General Motors (GM.US)$ and $Stellantis NV (STLA.US)$ are trading lower Tuesday after President-elect Donald Trump threatened tariffs on goods imported from Canada and Mexico.

Trump indicated he could put 25% tariffs on imports from Canada and Mexico, sending automotive stocks lower Tuesday morning as the automotive industry has relied on the countries for lower-cost production, according to CNBC.

The report highlights UBS data showing the automotive industry accounts for more than a quarter of all imports from Mexico to the U.S., and about 12% from Canada. U.S. automakers have reportedly relied heavily on Mexico and Canada for production since the North American Free Trade Agreement became effective in 1994.

Ford shares were down about 2.1% at last check, while GM shares were down about 8.3% and Stellantis shares were off by about 5.3%.

The report indicates that GM and Stellantis make some of their most profitable pickup trucks in Mexico. GM reportedly has five large assembly factories in Mexico and Canada expected to produce 1 million vehicles this year, and Stellantis has four major factories in the countries.

Trump reportedly said he will use an executive order to put 25% tariffs on imported goods. CNBC reported that the tariffs are being viewed as more aggressive than what most were expecting, but analysts see the move as creating leverage for upcoming negotiations.

"We view [the] announcement as largely negotiation tactics (as seen in 2016), and see such magnitude of tariffs unlikely," Barclays analyst Dan Levy reportedly said in a note late Monday.