The Trump administration is threatening a 25% tariff on all imports from Canada and Mexico as soon as Saturday — a move that would almost immediately impact car dealerships and factories in the United States.

President Donald Trump, in his first two days in office, ramped up threats to impose a 25% tariff on all imports from Canada and Mexico. “I think we will do it February 1,” Trump told reporters. If Trump enacts the tariffs, car shoppers should expect dramatic, immediate changes.

Fruits and other Mexican foodstuffs typically sold in America would also grow costlier, he said, while American companies that sell crops such as corn, soybeans and rice to Mexico would take an additional economic hit if the Latin American country retaliated with tariffs of its own.