In promising 25% tariffs on all goods from Mexico and Canada, Donald Trump has signaled his intention to upend the USMCA and wring concessions on immigration and fentanyl.

Canada and Mexico are two of America’s largest trading partners, and the tariff could have significant economic consequences for all three nations.

Financial analysts on Tuesday reacted to a threat from U.S. President-elect Donald Trump to impose 25% tariffs on top trade partners Mexico and Canada when he takes office for a second term in January in a move that could trigger a trade war.