Timothy A. Clary / AFP/ Getty Images
Markets are on the move following the latest news about trade from the Trump Administration. This has hit the shares of big automakers and those of America’s neighboring countries.
Stocks in Canada and Mexico fell on Tuesday, following news that Donald Trump had said he’d impose tariffs against imports. Exchange-traded funds iShares MCSI Mexico EWW and Canada EWC were down nearly 3% each and 1% respectively.
In recent days, European indexes have been mostly on the decline. The S&P 500 was recently higher.
Some of the biggest global automakers are among the companies that have reacted to this news. General Motors shares, which make many of their vehicles in Mexico have fallen more than 8%. Ford’s stock has dropped 2.5%. Stellantis shares (STLA), which manufacture many of their vehicles in Mexico, fell by more than 5%. Volkswagen and Porsche both fell by about 2% each in German trade.
Both the Canadian and Mexican dollars have weakened in relation to the U.S. Dollar.
Trump has also announced that he will impose a 10% additional tariff on all goods imported from China. Nasdaq Gold Dragon, an index of U.S. listed Chinese shares fell by about 1%.
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