German car shares skid after Trump tariff threat
AFP - [email protected]
Published: 23 Jun, 2018 CET.
Updated: Sat 23 Jun 2018 03:49 CET
Shares in German and other European car manufacturers fell on Friday after US President Donald Trump threatened to impose a 20 percent tariff on cars imported from the bloc, traders said.
In Germany, BMW was down around two percent while Daimler and Volkswagen both dropped by more than one percent.
European auto stocks had already come under pressure in recent days on expectations that Trump would seek to hit the sector with tariffs in response to retaliatory tariffs by Brussels which kicked in on Friday.
Mercedes-Benz maker Daimler was the first among Germany's auto industry titans to lower its profit forecasts this week. High-end competitor BMW says it is following the international situation "more closely than ever".
Elsewhere in Europe, Fiat Chrysler shares lost more than three percent in Milan while shares in French carmakers Renault -- which does not sell cars in the US -- and Peugeot were also weaker, but only marginally.
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In Germany, BMW was down around two percent while Daimler and Volkswagen both dropped by more than one percent.
European auto stocks had already come under pressure in recent days on expectations that Trump would seek to hit the sector with tariffs in response to retaliatory tariffs by Brussels which kicked in on Friday.
Mercedes-Benz maker Daimler was the first among Germany's auto industry titans to lower its profit forecasts this week. High-end competitor BMW says it is following the international situation "more closely than ever".
Elsewhere in Europe, Fiat Chrysler shares lost more than three percent in Milan while shares in French carmakers Renault -- which does not sell cars in the US -- and Peugeot were also weaker, but only marginally.
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