Global stock markets fell today, with automotive companies bearing the brunt of the losses, especially in Japan and South Korea, following President Donald Trump's announcement of new tariffs on car imports.
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On Wednesday, President Trump announced a 25% tariff on imported cars and light trucks, set to take effect next week, further escalating the global trade war.
Analysts predict that this move will primarily impact European, Japanese, and South Korean companies. They also fear it could lead to higher inflation, slow down economic growth, and escalate trade tensions.
The Japanese Nikkei index dropped by 0.6%, while the South Korean Kospi index closed the day down by 2.08%.
Shares of "Toyota Motor" closed down by 2.04%, while "Mazda Motor" fell by about 6%, "Subaru" by 5%, and "Honda" by 2.48%.
After the close of the "Wall Street" session, Ford's share price dropped by 4.71% as of 05:20 AM, and General Motors' share declined by 3.12%.
In European markets, the UK’s FTSE index dropped by 0.55%, while the German DAX fell by 1.5% and France’s CAC declined by 0.74%. (Bloomberg)
