Trump said in a post to Truth Social on Monday that one of his first executive orders would be to hit Mexico and Canada with a blanket 25% tariff. Mexico and Canada are the second and third top suppliers of goods to the U.S., according to the Office of the U.S. Trade Representative. The U.S. imports the most goods from China.

Mexico's President Claudia Sheinbaum said on Thursday she and U.S. President-elect Donald Trump had agreed to maintain a good relationship in a friendly phone call that appeared to ease tensions between the top trading partners amid tariff threats.

President Claudia Sheinbaum said Thursday that she and President-elect Donald Trump agreed in a phone call that their countries would have a “good relationship,” and she dismissed his threat to impose a 25 percent tariff on Mexico’s exports if it didn’t stop the flow of migrants and fentanyl to the United States.