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Shares in German carmakers slump over fears of steep Trump tariffs
The Guardian
|November 07, 2024
German carmakers' share prices slumped yesterday amid fears Donald Trump would impose steep tariffs on the industry after winning the US presidency for the second time.
BMW shares fell by 6.6%, Mercedes-Benz by 6.4%, and Volkswagen and Porsche by 4.3% and 4.9% respectively as investors scrambled to adjust to Trump's victory. The four firms were among the biggest fallers on Germany's DAX index.
Trump has promised to impose steeper tariffs on foreign-made cars to protect US jobs, including in the traditional automotive heartland of Michigan, a state that he regained after losing it in 2020.
The president-elect has said he wants to impose a 10% tariff on all non-US goods, and also indicated last month that he was considering targeting German cars. At a campaign rally in Savannah, Georgia, he said: "I want German car companies to become American car companies. I want them to build their plants here."
Machinery and vehicles are the EU's biggest exports to the US. It is also the biggest export market for German carmakers, which are under significant financial pressure.
This story is from the November 07, 2024 edition of The Guardian.
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