The latest trade news out of the next Trump administration has markets on the move, hitting big automakers’ shares and the stocks of America’s neighbors.
Canadian and Mexican stocks were sliding Tuesday following the news that President-Elect Donald Trump said he would impose stiff tariffs on imports from those countries. The iShares MCSI Mexico (EWW) and Canada (EWC) exchange-traded funds were recently off nearly 3% and 1%, respectively.
European indexes were mostly lower in recent action. The S&P 500 was recently higher.
Among the stocks reacting to the news: some big global automakers. General Motors (GM), which makes many of its vehicles in Mexico, were recently off more than 8%, while Ford (F) shares fell 2.5%. Stellantis (STLA) fell more than 5%. Volkswagen and Porsche were each down about 2% in German trading.
The Mexican peso and Canadian dollar weakened against the U.S. dollar.
Trump also said he plans an additional 10% tariff on goods from China. The Nasdaq Golden Dragon index of U.S-listed Chinese shares was recently off about 1%.
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