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

Mexico is the United States' largest trading partner, representing over 15% of total trade. The U.S. imported more than $475 billion worth of Mexican products in 2023, a figure that has grown about 70% over the last decade,

An inflation gauge closely watched by the Federal Reserve rose slightly last month, the latest sign that some consumer prices remain stubbornly elevated, even as inflation is cooling in fits and starts.