President Claudia Sheinbaum Pardo said tariffs could cause more inflation and result in job losses for the U.S. and Mexico.

The magnitude of this tariff doesn't justify changing our economic forecast. But businesses involved in imports and exports must pay close attention to the details.

The president-elect said that he would impose the across-the-board tariffs on Day 1 and that they would stay in place until Canada, Mexico and China halted the flow of drugs and migrants.