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Asian auto stocks declined as Trump announced new auto tariff measures.
Asian auto manufacturers and Auto Parts companies fell after U.S. President Donald Trump warned of new tariffs on autos. Trump stated on Friday that the U.S. would impose tariffs on autos around April 2, but did not disclose further details. South Korea's Hyundai fell 2.9%, Kia dropped 2%. Japan's SUBARU CORP Unsponsored ADR fell 4%, Mazda dropped 2.3%, and Honda fell 2.2%.
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Trump discusses tariffs, causing South Korean steel companies' stock prices to drop.
After President Trump of the USA announced new tariffs, stocks of South Korean Steel manufacturers fell on Monday. POSCO's stock price dropped 3.6% to 0.2305 million won, the lowest since October 2022; Hyundai Steel's stock price fell 2.9%, reaching a historical low. Trump stated that he would announce a new 25% tariff on all steel and aluminum imported into the USA on Monday, which will be a significant escalation of his trade policy reform on top of the existing Metal tariffs. Stocks of South Korean Auto Manufacturers also weakened, with Hyundai Motors down 0.7% and Kia down 2%, along with the South Korean benchmark stock index.
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