Tax cuts for consumers could lead to more auto sales, trader Tim Seymour said, adding that General Motors shares are "ridiculously cheap" — they have a price-to-earnings ratio of about 4 on a trailing 12-month basis, according to FactSet.
Companies like Kansas City Southern, which has a substantial U.S.-Mexico business, could also be hit by Trump's policies, trader Brian Kelly said. Other companies that import a lot of their goods, like Wal-Mart, could also suffer from a potential border tax, he continued
Trader Dan Nathan said that Ford's announcement that it is not opening a new plant in Mexico is not necessarily a good thing for consumers because it could lead to higher priced cars, which could also impact demand.
Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck.
Brian Kelly is long TLT, US Dollar UUP, SLV, U.S. 10-year Treasury notes and Bitcoin. He is short the euro, Australian dollar and British pound.
Dan Nathan is long XHB Jan put spread, XLK Jan put spread, XRT Jan put spread, MCD Feb put, XLI Feb put spread, FXI long Feb put spread.
Tim Seymour is long ABX, APC, AVP, BAC, BBRY, C, CLF, CVX, DO, DVYE, EDC, EWN, EWZ, F, FB, FCX, FXI, GM, GOOGL, GE, INTC, LQD,MCD, MUR, OIH, PG, RACE, RAI, RH, RL, SINA, SQ,T, TWTR, VALE, VZ, XOM, short: EEM, SPY, XRT. His firm is long ABX, BABA, BIDU, CBD, CLF, EEM, EWZ, F, KO, MCD, MPEL, NKE, PEP, PF, TCEHY, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, X, YHOO, short EWG, HYG, IWM