The logo of the German car shaper Volkswagen tin beryllium seen connected a conveyance successful beforehand of a VW dealership.
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Shares of immoderate of Europe's biggest carmakers fell sharply connected Monday morning, pursuing U.S. President Donald Trump's pledge to enforce tariffs connected respective European countries implicit Greenland.
Europe's Stoxx Automobiles and Parts scale traded 2.3% little astatine astir 8:18 a.m. London clip (3:18 a.m.).
Germany's Volkswagen, BMW, and Mercedes-Benz Group were trading betwixt 2.5% to 4% little soon aft the opening bell, portion Milan-listed shares of Ferrari dipped astir 2% successful aboriginal deals.
Milan-listed shares of Stellantis, which owns household names including Jeep, Dodge, Fiat, Chrysler, and Peugeot, were past seen 2% lower.
The moves travel soon aft Trump connected Saturday pledged to enforce 10% tariffs connected the U.K., Denmark, Norway, Sweden, France, Germany, the Netherlands, and Finland by Feb. 1, ramping up his propulsion to marque Greenland, a self-governing Danish territory, portion of the United States.
The levy connected these countries volition emergence to 25% from June 1, Trump said.
European governmental leaders are expected to clasp exigency talks implicit the coming days arsenic they see their response.
The automotive assemblage is wide regarded arsenic acutely susceptible to levies, peculiarly fixed the precocious globalization of proviso chains and the dense reliance connected manufacturing operations crossed North America.
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