Autos fall on Trump’s Greenland tariff threat
The logo of the German car manufacturer Volkswagen can be seen on a vehicle in front of a VW dealership.
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Shares of some of Europe’s biggest carmakers fell sharply on Monday morning, following U.S. President Donald Trump’s pledge to impose tariffs on several European countries over Greenland.
Germany’s Volkswagen, BMW and Mercedes-Benz Group were trading between 3% to 4% lower shortly after the opening bell, while Milan-listed shares of Ferrari dipped 2.6% in early deals.
Milan-listed shares of Stellantis, which owns household names including Jeep, Dodge, Fiat, Chrysler and Peugeot, were last seen 3% lower.
The automotive sector is widely regarded as acutely vulnerable to levies, particularly given the high globalization of supply chains and the heavy reliance on manufacturing operations across North America.
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