Shares of German luxury carmakers Porsche and Mercedes-Benz fell more than 4% on Thursday after US President Donald Trump announced a 25% tariff on imported cars, according to trading data on the Frankfurt Stock Exchange.
The leader in losses is Porsche's preferred shares, whose value falls by 4.55%. Mercedes Benz Group follows with losses of 4.24%. BMW shares (minus 3.2%) and Volkswagen (minus 2.31%) are falling at a slower pace.
Among the leaders in losses on the stock market was also the tire manufacturer Continental (minus 3.59%). The losses on the key DAX stock index were not as significant; in the first minutes of trading they fell by about 1.5%.
On March 26, Trump announced that the US would impose import duties of 25% on all cars manufactured outside the country. The previously applied duties of 2.5% are also to remain in force, resulting in a new tariff rate of 27.5%. Commenting on this statement, German Economy Minister Robert Habeck said that the EU would not "give in to the US" and should give a decisive response, but at the same time continue negotiations with Washington on trade disputes.