Shares of General Motors and Stellantis fell Tuesday after President-elect Donald Trump threatened to impose a 25% tariff on goods imported from Canada and Mexico. The proposed tariffs would significantly affect the automotive industry, which relies on lower-cost production in Mexico. UBS reports that the automotive sector accounts for 26% of U.S. imports from Mexico and 12% from Canada. GM and Stellantis saw significant drops in their stock prices, while other automakers like Ford and Toyota also experienced declines.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Shares of General Motors and Stellantis fell Tuesday after President-elect Donald Trump
00:06threatened to impose a 25% tariff on goods imported from Canada and Mexico.
00:10The proposed tariffs would significantly affect the automotive industry,
00:14which relies on lower-cost production in Mexico.
00:17UBS reports that the automotive sector accounts for 26% of U.S. imports from Mexico and 12% from
00:24Canada. GM and Stellantis saw significant drops in their stock prices, while other automakers
00:29like Ford and Toyota also experienced declines. For all things money, visit Benzinga.com.