DETROIT, Mich. – Shares of the big three automakers fell after President-elect Donald Trump announced plans to impose tariffs on goods from Canada and Mexico once he takes office.
General Motors, Ford, and Chrysler owner Stellantis all experienced a decline in their stock prices. General Motors saw the steepest drop, with shares falling by 8 percent.
Trump stated that he would impose the tariffs on his first day in office. This announcement has raised concerns among investors about the impact on supply chains that rely on parts and production from both Mexico and Canada.
Automotive parts often travel through all three North American countries before a car is fully manufactured and sold. Trump’s proposed tariffs aim to protect workers and boost U.S. manufacturing.
