kaidi2022
41 min ago
European Auto Stocks Tumble After Trump Imposes Tariffs
European auto stocks fell after U.S. President Donald Trump moved to place tariffs on hundreds of billions of dollars in imports from Canada, Mexico and China.
Shares in Jeep maker Stellantis fell 6.2%. Germany's Volkswagen shed 5.1% and Sweden's Volvo Car was down 4.9%. Porsche AG, Mercedes-Benz and BMW all fell about 4%, while Renault and Ferrari dropped 2.2% and 2.3%, respectively. Detroit's big three car makers, General Motors, Ford Motor, and Stellantis, look like the most affected to the announced tariffs, notably GM, analysts at Jefferies said in a research note. The Stoxx Europe 600 Automobiles & Parts sector index was down 3.6%.
