Shares of auto giants plummeted on Monday following President Trump’s imposition of tariffs on goods from Canada, Mexico, and China, with a 25% duty on Mexican and most Canadian products and a 10% duty on Canadian energy and Chinese goods. Trump justified the tariffs as necessary to combat the threat of illegal immigration and drug trafficking, prompting retaliatory measures from Canada and Mexico. Global automakers, including Japanese companies Toyota and Nissan, European firms Valeo and Stellantis, and German manufacturers Volkswagen, Porsche, and BMW, experienced significant stock declines as investors feared the impact of a potential trade war on the automotive industry’s complex supply chains and manufacturing operations.
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