US president-elect Donald Trump’s 25 November 2024 pledge to introduce 25% tariffs on Canadian and Mexican imports had an immediate negative impact on non-American car stocks, particularly European brands. According to Reuters, BMW dropped 1.7%, Volkswagen was down 2.1%, and Stellantis fell 3.3% as trading commenced on 26 November. Clearly, the market anticipates trade challenges going into 2025 that will exacerbate the strains of 2024.
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