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Trump Renews Tariff Threat, European Automakers' Stock Price Plunges
BlockBeats News, January 19th. The long-standing Greenland issue continues to ferment. U.S. President Trump threatened to once again increase tariffs on European goods, leading to a sharp drop in the stock prices of European car manufacturers. In early trading on Monday, the Daimler Group (Mercedes-Benz) fell by as much as 6.7% on the Frankfurt market, BMW fell by 7%, and Volkswagen fell by 5.4%. Over the weekend, Trump suddenly announced plans to impose an additional 10% tariff on imported goods from several European countries starting from February, increasing to 25% in June, catching multiple European countries off guard, including Germany and France.
BMW, Mercedes-Benz, and Volkswagen all rely on the U.S. market as their main source of revenue and profit. These automakers import models like the S-Class sedan to the U.S., which have already been impacted by Trump's tariff policies. Currently, the tariff on most vehicles and parts imported from the EU into the U.S. is 15%. Last year, additional tariffs implemented by Trump significantly raised this rate from about 2.5%, triggering profit warnings from car manufacturers. (Jinse)
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