By Ed Ballard and Jack Pitcher
Auto stocks are taking the tariff news on the chin.
Shares in carmakers such General Motors and Stellantis sank in morning trading, after President Trump said Wednesday he would slap 25% tariffs on automotive imports to the U.S.
International rivals such as BMW, Toyota and Hyundai that export to the U.S. also came under pressure. Foreign markets are more exposed to auto pain than the U.S., and some automakers have more to lose than others.
Overnight, the U.S. president threatened yet more tariffs. In a social-media post, he warned that if the European Union and Canada worked together to harm the U.S. economically, they would face levies that were "far larger than currently planned."
More broadly, indexes edged lower, on course for fresh losses after the Nasdaq Composite posted a 2% decline Wednesday.
In recent trading:
--Indexes stood modestly lower. The Dow Jones Industrial Average led declines.
--GameStop shares sank. The company said it plans to privately offer $1.3 billion of convertible senior notes and will use some of the proceeds to buy bitcoin.
--Dollar Tree shares jumped. The retailer said Wednesday it has agreed to sell its Family Dollar business.
--Benchmark Treasury yields crept upward. The 10-year yield had settled at 4.337% on Wednesday.
--European stocks slipped. In Asia, Japan's Nikkei 225 lost 0.6%, while the Hang Seng Index added 0.4%. South Korea's Kospi lost 1.4%.
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(END) Dow Jones Newswires
March 27, 2025 12:47 ET (16:47 GMT)
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