TOKYO (Reuters) – Shares in Japan’s major automakers sank on Friday after U.S. President Donald Trump said the United States will impose a 5% tariff on all imports from Mexico from next month, as the move was seen affecting vehicles made in Mexico and sold north of the border.

Shares in Toyota Motor Corp, Nissan Motor Co and Honda Motor Co all fell around 3 percent or more, while Mazda Motor Co fell nearly 7 percent. All four automakers operate vehicle assembly plants in Mexico.

In a statement issued by the White House, Trump said the tariffs would be imposed until illegal immigration from Mexico was stopped, increasing incrementally each month.

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