Auto industry dented by latest Trump tariffs

President Donald Trump's plan to impose tariffs on Mexico will affect myriad industries, but few are as exposed as automakers. Shares of several major automakers and auto suppliers dived five percent or more following Trump's announcement Thursday night that the United States would impose a five percent tariff on all Mexican imports on June 10, explicitly linking the trade action to a demand that Mexico crack down on illegal immigration. The White House intends to gradually raise the tariff level until it hits 25 percent on October 1, a levy that "could cripple the industry and cause major uncertainty," said a note from Deutsche Bank.

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