Nov 29, 2024
Trump's tariffs could cost carmakers up to 17% of combined core profits, S&P says
Premium automakers Volvo and Jaguar Land Rover, who mostly produce in Europe, and groups General Motors and Stellantis, who assemble high volumes of cars in Mexico and Canada, are most exposed to the threat of higher tariffs, S&P said. President-elect Donald Trump on Monday said he would impose a 25% duty on imports from Canada and Mexico until they clamped down on drugs and migrants crossing the border, a move that would appear to violate a free-trade deal between the three countries.