Automaker shares plunge after Trump’s surprise Mexico tariffs, GM shares fall 5%

Trucks carrying cars queue in front of the Otay Mesa border crossing in Tijuana.

Omar Martinez | picture alliance | Getty Images

Shares of the largest U.S. automakers dropped in premarket trading Friday after President Donald Trump announced that the U.S. will impose a 5% tariff on goods imported from Mexico on June 10.

General Motors was hit the worse, down 5.5% in premarket trading Friday. Ford lost 4%. Fiat Chrysler also dropped more than 5%.

The big three automaker each have billions of dollars at stake due to production and suppliers in Mexico.

“Automakers may indeed see large financial impact and uncertainty from the tariffs, as all major OEMs import a considerable portion of the vehicles they sell in the US from Mexico,” Deutsche Bank said.

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