Apr 9, 2025 3:54 PM IST
US Stock Market Live: Auto Stocks Extend Losses
Europe’s auto giants slipped on Wednesday morning, extending recent losses as U.S. President Donald Trump’s sweeping tariffs on dozens of countries came into effect — including a whopping 104% levy on China.
Trump’s latest trade measures, which came into force as of 5 a.m. London time, include a 20% tariff on the European Union, a 24% tariff on Japan and a 49% levy on Cambodia.
Shares of French car parts supplier Valeo traded down 4.3% on Wednesday morning, tumbling toward the bottom of the pan-European Stoxx 600 index.
Germany’s Volkswagen, Mercedes-Benz Group and BMW fell as much as 3%, before paring losses, with the latter notching a fresh 52-week low.
In Asia, Japan’s Nissan and Toyota fell 7% and 2.6%, respectively, on Wednesday.