How should you play the newest tariffs?

Kenny Polcari, managing principal at Butcher Joseph Asset Management, spoke to TheStreet about the tariffs on Mexico and how investors can protect themselves.

In case you missed it, President Donald Trump tweeted out late Thursday night to announce tariffs on Mexico.

The president said that the tariffs will take place on June 10.

On June 10th, the United States will impose a 5% Tariff on all goods coming into our Country from Mexico, until such time as illegal migrants coming through Mexico, and into our Country, STOP. The Tariff will gradually increase until the Illegal Immigration problem is remedied,..

— Donald J. Trump (@realDonaldTrump) May 30, 2019

In response, auto stocks such as Ford (F - Get Report) and General Motors (GM - Get Report) were falling Friday. 

Polcari also weighed in on the Federal Reserve and the G20 summit and what those could mean for the markets. 

When it comes to the next Fed meeting, Polcari said that he doesn't expect the Fed to cut rates. He said that he still believes that rates will remain unchanged. 

Related. Jim Cramer: Trump Doesn't Care About the Market Impact of Mexico Tariffs

Ask Cramer | Get Answers to Your Most Pressing Market Questions