Europe open: Auto makers slide as Trump threatens 25% EU tariff
By Frank Prenesti
Date: Thursday 27 Feb 2025
(Sharecast News) - European shares were weaker at the open on Thursday with automakers in focus after they became a target in US President Donald Trump's global trade war.
The pan-regional Stoxx 600 index was down 0.36% to 557.6 points after Trump said he would impose a 25% "reciprocal" tariff on European cars and other goods. Germany, home to many car makers, saw its DAX index down almost 1%.
"We have made a decision, and we'll be announcing it very soon, and it'll be 25%, generally speaking, and that'll be on cars, and all of the things."
"The European Union was formed to screw the United States - that's the purpose of it and they've done a good job of it," he said. "But now I'm president."
The EU rejected Trump's claims and said it would "protect our consumers and businesses at every turn. They expect no less from us".
Germany's Porsche, BMW, Volkswagen and Mercedes Benz were all lower along with Volvo and Stellantis.
Reporting by Frank Prenesti for Sharecast.com
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN