Dow futures fall 250 points amidst sharp swings as Trump tariffs kick in

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.