Mexico's Economy Minister Marcelo Ebrard suggested the Mexican government could retaliate with its own tariffs on U.S. imports if the incoming Trump administration slaps tariffs on Mexican exports.

Ebrard made the comments in an interview Monday with local broadcaster Radio Formula, in which he reflected on how President-elect Donald Trump threatened 25% tariffs on Mexican goods during his previous term in office at a time when the Republican leader sought concessions from Mexico's government on immigration enforcement.

"If you put 25% tariffs on me, I have to react with tariffs," said Ebrard, who served as Mexico's foreign minister during the previous incident.

"If you apply tariffs, we'll have to apply tariffs. And what does that bring you? A gigantic cost for the North American economy," he added.

Ebrard went on to stress that tariffs will stoke inflation in the U.S., which he described as an "important limitation" that should argue against such a tit-for-tat trade spat.