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.

China’s exports to developing markets have soared, opening indirect routes to the U.S. market that officials in Beijing worry may be closed under pressure from President Trump.

Mexico is working to stall or reduce Trump's 25% tariff on foreign-made autos. Canada denounced Trump's executive order but Mexico is taking a more subdued approach.