Ford and GM shares are down by the most since auto tariffs first took effect
Detroit automakers Ford and GM are significantly lower on Monday, their first trading day since President Trump’s latest comments about auto industry tariffs.
“Over the next year, [auto manufacturers have] got to have the whole thing built in America. That’s what we want,” Trump said in a late Friday press conference. On the same day, Trump said the US will double tariffs on steel and aluminum imports beginning this Wednesday.
Together, those trade sentiments seem to have auto investors more spooked than they’ve been in months. Ford and GM, each down more than 4% Monday, haven’t fallen by this much since April 10, just a week after the 25% auto tariffs went into effect.
Notably, the falls are greater than those around May 3, when a 25% tariffs on auto parts began, or when automakers hinted that price hikes would be on the way this summer as vehicles built in May arrive in lots.
Shares of Jeep maker and Detroit rival Stellantis are down 3.5%.
