From CNBC: 2024-11-06 15:01:53

Former U.S. President Donald Trump spoke during a campaign town hall meeting in Flint, Michigan. Stock prices of foreign automakers, including Chinese and German manufacturers, dropped sharply amid concerns of increased tariffs on imported vehicles under President-elect Trump. European and U.S.-traded shares of automakers like BMW, Mercedes-Benz, Toyota, and Honda were down during intraday trading. Honda’s Executive Vice President warned of increased costs due to potential tariffs, impacting the company’s operations. Most major automakers have factories in the U.S. but heavily rely on imports from other countries, such as Mexico. Trump and Democrats believe changes to trade deals are necessary to address Chinese manufacturers establishing auto factories in Mexico. Wall Street analysts speculate on the likelihood of hyperbolic tariffs, citing Trump’s past plans for up to 25% tariffs on imported vehicles that did not materialize.



Read more at CNBC: Foreign auto stocks BYD, BMW and others slide on Trump tariff fears