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Not only European auto manufacturers, general motors (GM.US) and other American counterparts will also be affected by Trump's tariff "big stick".
The incoming usa president Trump plans to impose a 25% tariff on all autos imported from Mexico and Canada, which may impact the profits of usa auto manufacturers.
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Lifting a stone to hit one's own foot! As soon as the tariff threat from Trump emerged, the stock prices of usa auto giants plummeted.
① The usa's incoming president Trump threatened to impose a 25% tariff on imported commodities from Mexico and Canada, causing shares of major us autos companies to plummet, with general motors falling nearly 9%. ② The tariffs may harm employment in both the usa and Mexico, and deal a blow to us consumers, which is undoubtedly Trump "lifting a rock only to drop it on his own foot."
U.S. stocks closed: The Dow and S&P reached all-time highs, while general motors plunged nearly 9%.
① Most technology giants rose, only Tesla fell; ② Eli Lilly and Co rose by 4.5%, as Biden proposed health insurance coverage for weight loss drugs; ③ The Chinese concept stock Jinlong Index fell by 0.8%, Nio fell by 7.7%; ④ Apple proposed to increase investment by 0.1 billion US dollars to seek to lift the sales ban, but was rejected by the Indonesian government.
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U.S. stocks reacted lukewarmly to Trump's tariff threats, as interpreted by Wall Street analysts.
On Monday evening, elected President Donald Trump threatened to impose high tariffs on the usa's three major trading partners to prevent drugs and immigrants from entering the usa, causing traders to once again experience Trump's unreliability in economic policy. Trump's social media post at 6:35 PM local time forced traders commuting or dining to evaluate its market impact. Indeed, the dollar surged against the Mexican peso and the Canadian dollar, and us treasury yields rose slightly. The usa equity index futures saw a slight decline. However, given the significant risks facing global trade, the market's reaction was calm and brief.
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Mexico hints at retaliating against Trump's tariff threats.
Mexican President Claudia Sheinbaum suggested that the country could respond to Donald Trump's tariff threats by imposing tariffs, warning that the economic consequences would be unimaginable. After the U.S. President-elect vowed to impose a 25% tariff on all goods from Mexico and Canada, Sheinbaum on Tuesday read out a letter she intends to send to Trump, stating that cooperation would be a better way to curb immigration and the flow of illegal pharmaceuticals. "After one tariff, there will be another tariff in response, and so on in a cycle, until we place ordinary companies at risk," Sheinbaum said in Mexico.
Shares of Auto-related Companies Are Trading Lower After President-elect Trump Announced Plans to Implement Tariffs on Goods From Mexico, Canada and China.
Express News | General Motors Shares Extend Declines, Last Down 7%