Mexico's Economy Minister Marcelo Ebrard warned that Mexico might impose retaliatory tariffs on U.S. imports if the incoming Trump administration enacts tariffs on Mexican exports, as previously threatened by Trump during his first term to gain immigration concessions. This potential trade conflict could result in significant economic costs for North America, as tariffs tend to stoke inflation. Meanwhile, companies like Steven Madden Ltd. are proactively shifting production out of China in anticipation of Trump's proposed tariffs on Chinese imports, which could rise to 60%. The broader Asian region is also concerned about the economic impact of sweeping U.S. tariffs on exports, given its heavy reliance on trade. Additionally, Japanese companies, such as Nippon Steel Corp., are navigating uncertainties related to Trump's 'America First' policies, which may affect international acquisitions and investments.