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,

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.