Reported about 4 hours ago
Auto stocks fell on February 3, 2025, following President Trump's announcement of new tariffs on imports from Canada and Mexico, including a 25% duty on Canadian goods and delayed tariffs for Mexico. Notably, shares of major automakers—GM, Ford, Toyota, and Honda—dropped as they rely heavily on parts from these regions. Analysts warn that increased tariffs could lead to higher car prices in the US by up to $3,000, complicating the supply chain in an industry that struggles to adapt quickly to sudden changes.
Source: YAHOO