Hyperdrive
Global Car Tariff Pain Spreads From Asia to the US
- Mexico, Canada exports face 25% US tariff starting Tuesday
- German carmakers made more than 700,000 cars in Mexico in 2023
Auto stocks around the world slumped Monday after US President Donald Trump’s new tariffs threatened to cut into sales from factories in Mexico and Canada.
Shares in Toyota Motor Corp. and Nissan Motor Co. dropped in Asia trading, while Volkswagen AG and Stellantis NV led the steepest intraday decline in European auto stocks since April. General Motors Co. and Ford Motor Co. were down in US premarket trading.