Mexican President Claudia Sheinbaum on Tuesday warned U.S. President-elect Donald Trump of dire economic consequences for both countries from tariffs and suggested possible retaliation following his threat of across-the-board tariffs of 25% on Mexico and Canada.

Donald Trump says he will impose a 25% tariff on goods coming from Mexico and Canada, plus an extra 10% on Chinese goods.

Mexico and Canada are the United States’ top two trading partners, accounting for nearly 30% of trade volumes.