Auto Stocks Fall After Trump Says He May Raise Car Tariffs
Automobile stocks fell early Friday after President Trump said he might raise tariffs on imported vehicles to encourage more investment in U.S. manufacturing.
Speaking at a White House event Thursday, Trump said his 25% levy on foreign cars had spurred investments by General Motors and others. 'I might go up with that tariff in the not-too-distant future,' he said. 'The higher you go, the more likely it is they build a plant here.'
Trump said a $20 billion investment by South Korea's Hyundai, which includes a plan for a $6 billion steel mill in Louisiana, wouldn't have happened without the new duties. 'They wouldn't have invested 10 cents if we didn't have tariffs,' he said.
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