Even before U.S. President Donald Trump has imposed trade tariffs on the EU, his measures against China, Mexico and Canada are already having a chilling effect on Europe’s economy – notably on its automotive industry.
Following Trump’s announcement over the weekend of 25% tariffs on goods from Mexico and Canada, and 10% on China, Europe’s stock markets took a hit on Monday.
Prominent losers
Prominent losers were automotive stocks like Stellantis, which took a 6% hit during first trading. Volkswagen fell by 5%, and both Mercedes-Benz and BMW followed with a 4% decline. The losses extended to equipment manufacturers like Valeo, down 8%, and Forvia, declining by…