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Carmaker shares fall after Trump 25% tariff move as Reeves warns against trade war
- UK is not planning retaliatory tariffs on the US after Trump announced a 25% tariff on car imports, causing global carmaker shares to drop.
- Rachel Reeves stated the UK's stance against escalating trade wars, emphasizing they are detrimental to both countries involved.
- Keir Starmer expressed concern over the new US tariffs on cars and light trucks, emphasizing the need for a negotiated resolution.
- US carmakers like General Motors and Ford saw share declines after Trump's tariff announcement, impacting European and Asian markets as well.
- Aston Martin, Jaguar, and Land Rover are major UK exporters to the US, with Aston Martin shares falling significantly post-tariff news.
- European carmakers, particularly Volkswagen, experienced share losses due to their exposure to tariffs, leading to a decline in stock indices.
- Asian car manufacturers like Toyota, Honda, and Hyundai also faced stock drops following the tariff announcement.
- The UK's Society of Motor Manufacturers urged government support amid trade tensions and declining car production.
- UK government may review electric vehicle incentives for companies like Tesla, while striving to protect UK car manufacturers from tariffs.
- The EU, Canada, and Germany expressed strong opposition to Trump's tariffs, highlighting potential negative impacts on businesses and consumers.
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