A carrier trailer transports Toyota cars for delivery while queuing at the border customs control to cross into the U.S., at the Otay border crossing in Tijuana, Mexico May 31, 2019.
Jorge Duenes | REUTERS
DETROIT – Shares of automakers General Motors and Stellantis fell Tuesday morning after President-elect Donald Trump threatened to put 25% tariffs on goods imported from Canada and Mexico into the U.S.
Such tariffs would have a major impact on the global automotive industry, which has used the countries, particularly Mexico, for lower cost production of vehicles since the North American Free Trade Agreement went into effect in 1994.
UBS reports the automotive industry is responsible for 26% of imports from Mexico to the U.S., including vehicles and parts, and 12% from Canada.
Nearly every major automaker operating in the U.S. has factories in Mexico, however GM and Stellantis produce highly profitable full-size pickup trucks there.
Shares of GM, which has five large assembly plants in the …