Automakers slide after announcement of 50% tariffs on Canadian vehicles and parts starting January 1, 2027.
Ford and Stellantis shares fell 4% to $13.87 and $5.19, respectively, after President Trump announced 50% tariffs on Canadian vehicles and parts effective January 1, 2027. General Motors declined 2% to $86.28 in mid-morning trading.
The tariffs, not yet in force, reprice future costs for automakers reliant on Canadian imports. Ford had gained 17% year-to-date through Friday, while Stellantis traded below year-end levels, amplifying shareholder losses.
The selloff followed a Truth Social post outlining the tariff plan, disrupting U.S.-Canada trade talks. The Global X Autonomous & Electric Vehicles ETF dropped 2% to $34.25.