(Reuters) - U.S. President Donald Trump said on Thursday a tariff of 5% would be imposed on all goods coming from Mexico, increasing gradually each month until reaching 25% on Oct. 1, unless Mexico takes immediate action to curb illegal immigration.
Such a move would likely hit a number of global firms with those in the auto industry looking particularly vulnerable. Automakers have long built vehicles in Mexico, taking advantage of the country's cheap labour, trade deals and proximity to the United States, the world's largest auto market after China.