Brian Snyder | ReutersDETROIT — Stock prices of foreign automakers, including Chinese and German manufacturers, fell sharply on Wednesday amid concerns the U.S. will hike tariffs on imported vehicles under President-elect Donald Trump.
European-traded shares of BMW and Mercedes-Benz were off around 6.5%, while Porsche was down by 4.9% and Volkswagen declined 4.3%.
Trump has repeatedly said he will increase tariffs on many products, including new cars and trucks from China, Europe and Mexico, where many automakers, including Europeans, have established manufacturing hubs.
U.S.-traded shares of Japanese automakers Toyota Motor and Honda Motor also were down during intraday trading by roughly 1% and 9%, respectively.
However, they still heavily rely on imports from other countries, including Mexico, to meet U.S. consumer demand.
Persons:
Donald Trump, Sarah Huckabee Sanders, Brian Snyder, Donald Trump ., Li Auto, Nio, Trump, aren't, Shinji Aoyama, Aoyama, Stellantis
Organizations:
Arkansas, Reuters DETROIT —, BMW, Mercedes, Benz, Porsche, Volkswagen, Japanese, Toyota Motor, Honda, Nissan Motor, General Motors, Ford Motor, Chrysler, Toyota, Hyundai, Kia, Mazda, American Free Trade
Locations:
Flint , Michigan, U.S, China, Europe, Mexico, United States, Canada