Mexico City, Mexico - Mexico's president discussed migration and drug trafficking with US President-elect Donald Trump on Wednesday, two issues he had raised as justification for raising import tariffs on America's southern neighbor.

Claudia Sheinbaum said she had had "an excellent conversation" with Trump, just hours after her economy minister warned that the cost to US companies of Trump's tariffs would be "huge."

"We discussed Mexico's strategy regarding the phenomenon of migration," Sheinbaum said on X, adding she had told Trump that caravans of migrants "are not arriving at the northern border because they are being attended to in Mexico."

They also discussed "strengthening collaboration on security issues" as well as "the campaign we are conducting in the country to prevent the consumption of fentanyl," the president said.

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Trump on Monday said he would impose tariffs of 25% on Mexican and Canadian imports and 10% on goods from China.

"This Tariff will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!" Trump wrote on his Truth Social page.

The Republican, who won an election in which undocumented migration was a top issue, has vowed to declare a national emergency on border security and use the US military to carry out a mass deportation of undocumented migrants.

Mexican Economy Minister Marcelo Ebrard said Wednesday some "400,000 jobs will be lost" in the US if Trump followed through on his threat, citing a study based on figures from US carmakers that manufacture in Mexico.

"The impact of this measure will chiefly be felt by consumers in the United States... That is why we say that it would be a shot in the foot," he said alongside President Sheinbaum during her regular morning conference.