New tariffs imposed: Yesterday, President Donald Trump announced he would impose a 25 percent tariff on all imported cars starting April 3, and car parts starting May 3.
Half of the cars sold in the United States are imported, and every car built in the U.S. last year contained foreign-made parts—the industry average is about 60 percent.*
"Shares of Toyota Motor Corp. dropped 2% in Tokyo," reports Bloomberg. "In Europe, Stellantis NV fell 4.1%, Valeo SE sank 5.1%, Porsche AG declined 4.3% and Mercedes-Benz Group AG dipped 3.5%. Shares of General Motors Co. were down 6.5% in pre-market trading, while Ford Motor Co. was down 2.6% while Tesla Inc. inched 0.4% higher. The MSCI World Automobiles Index has tumbled 22% so far this year." Markets don't love tariffs, and they sure as hell haven't been loving Trump since he's taken office.
