Mexican President Claudia Sheinbaum hinted that her country would retaliate with its own tariffs if President-elect Donald Trump follows through on his plan to levy 25% import duties on Mexican goods.

Sheinbaum made the threat on Tuesday, a day after Trump announced he would impose such tariffs against Canada and Mexico on his first day in office until the two countries manage to stymie the flow of migrants and illegal narcotics into the United States.

The Mexican president referenced U.S. automakers that have plants in her country during her Tuesday remarks, according to the Associated Press.

“One tariff would be followed by another in response, and so on until we put at risk common businesses,” Sheinbaum said.

Sheinbaum, who is on the liberal Left and assumed office earlier this year, pointed out U.S. weapons coming into Mexico and suggested that drugs moving into the U.S. “is a problem of public health and consumption in your country’s society.”

“If a percentage of what the United States spends on war were dedicated to peace and development, that would address the underlying causes of migration,” she added.

Trump announced the move on social media Monday night. He said that after being sworn in, he would sign an executive order applying 25% tariffs on all goods moving across the southern border.

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“This Tariff will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!” Trump wrote. “Both Mexico and Canada have the absolute right and power to easily solve this long simmering problem.”

U.S. automakers would be particularly affected by such a move, and stock market movements Tuesday reflected that. Shares of General Motors were down more than 7%, Ford was down nearly 2%, and Stellantis was down 4.5%.