A full-blown tariff war with the US could prove a gut punch for Mexico, which is already battling an economic slowdown. Latin America’s second-biggest economy depends heavily on its commercial relationship with its northern neighbor — its top trading partner by a wide margin.

Mexican Foreign Minister Juan Ramon de la Fuente spoke with the U.S. Deputy Secretary of State Christopher Landau on Wednesday in a call focused on strengthening bilateral relations, Mexico's foreign ministry said.

President Donald Trump's tariffs on Canada and Mexico "are an attempt to stop the bleeding" in the U.S. economy, United Auto Workers President Shawn Fain said.

Ahead of President Trump’s promised tariff announcement on April 2, details on the specifics are still scant. The president has already announced a 25% tariff on imported cars and auto parts. NBC News’ Garrett Haake spoke to a car dealership owner and auto worker in Michigan about how they expect to be impacted by the tariff.

Volvo Car's abrupt decision to tap Hakan Samuelsson as its CEO puts the car industry veteran back in charge of steering the automaker through U.S. President Donald Trump's tariff turbulence and a wobbly transition to electric cars,

Some analysts have warned that Trump's import charges could lead to the temporary shutdown of some US car production, with increased prices passed onto consumers. But the US president told NBC News on Saturday that he hoped foreign carmakers will raise prices as it meant "people are gonna buy American-made cars - we have plenty".