Bloomberg, citing a person familiar, has reported that the proposed tariffs by Mexico on China would focus on cars and auto parts. The move is likely a response by Mexico City to avoid a looming 25% tariff by the United States on Mexican goods.

President Trump says he'll impose tariffs on Mexico and Canada on Tuesday. Mexico is working hard to persuade Trump to hold off on the threat.

From the aluminum in beverage containers to the steel in vehicles, tariffs are expected to raise prices across the economy.