For months, automakers have been taking a “wait-and-see” approach to the Trump administration’s potential tariffs.

If U.S. President Donald Trump follows through on his pledge to slap 25% tariffs on imports from Mexico it could usher in a volatile new chapter in the longstanding trade relationship with the impacts hitting consumers.

Manufacturers from Asia, Europe and elsewhere have poured billions into North American supply chains that could be hit by new taxes on Mexico, Canada and China.