Automaker Stocks Plummet After Trump’s Steel And Aluminum Tariffs

Shares in a range of automakers have fallen sharply following confirmation that President Trump’s administration will impose tariffs on imported steel and aluminum.

On Thursday, President Trump revealed that imported steel will be hit with a 25 per cent tariff while imported aluminum will be hit with a 10 per cent tariff. The tariffs could be enforced as early as next week.

In response to the news, shares in General Motors closed almost 4 per cent lower. Additionally, Ford and Toyota shares dropped by about 3 per cent, Fiat Chrysler Automobiles by 2.8 per cent, and Honda by 2.7 per cent.

Following the drop in share prices, both General Motors and Toyota said the tariffs wouldn’t significantly impact them as most of their steel and aluminum comes from within the United States, CNBC reports.

Nonetheless, the American International Automobile Dealers Association (AIADA) said in a statement that the tariffs may result in a sharp rise in the prices of cars.

“Both metals are crucial to the production of cars and trucks sold in America today and would raise the sale prices of those vehicles substantially,” the statement said.

In addition, AIADA president and chief executive Cody Lusk said car manufacturers are not prepared to adsorb the costs the tariffs will add to production.

“These proposed tariffs on steel and aluminum imports couldn’t come at a worse time. Auto sales have flattened in recent months, and manufacturers are not prepared to absorb a sharp increase in the cost to build cars and trucks in America.”

The tariffs mark the latest move in the protectionist policies which helped Trump win the 2016 election.

  • LJ

    I get his intentions with this, to prioritize the American steel industry, but I think it’s a bad idea. The extra costs will be passed onto consumers, and the price of anything that relies on steel or aluminum is going to go up.

    • Exactly, it’s like that recent tariffs on solar panels, in the end customer is the one that need to pay all that extra cost.

    • Moveon Libtards

      Not a bad idea. Reciprocal trade duties – if one country imposes a 25% tariff on our steel, we do the same. Logical and fair. Time to stop getting ripped off from other countries.

      Just look at the whining from certain countries in the last 24 hours, which proves they will be hurt more than we. Short term pain, long term gain for the U.S. Canadian dollar drop fast after the announcement also, but that doesnt get reported. But if you think other countries can leech off the U.S. to prop up their high tax and indebted socialist regimes off the the backs of Americans those days are gone. We finally have a President who will stand up to the bs, automakers buying cheap untaxed steal from other countries included.

    • Moveon Libtards

      I didnt vote for Trump, but in the last 6 months as I have seen him work his butt off against a bias left-wing media to try and turn the country around economically I have changed my mind.

      American companies will have to start buying American steel if other countries continue to unfairly tax our steel. Pretty straight forward. They tax our steel, we tax theirs. If they dont like the tax, they shouldnt tax ours.

    • Cobrajet

      It will be worth the cost.

  • Another reckless Trump decision, does he know most of the steels come from Canada and not China as he alleges? He basically doing it to show people that vote for him that he support American industry like steel and coals. Unfortunately those days are over and US Coal industry for example is no longer profitable no matter what. Like what does advisor and secretary do that lets Trump do this kind of stupid decision.

    • Christian

      Let’s hope that US citizens armed them self with Jeep’s!

    • dumblikeyou2

      Do you think it’s a coincidence that everytime there’s a major issue at stake, he counters with a surprise major decision to divert attention? Gun rights/reform > trade tax . Russian collusion > upset Kim Jong with fire and furrry

  • Christian

    Who is this Orange orangutang?

    • matrem

      The wrath of america’s Idiots. They couldn’t cut it in this world, so they blew it up.

      • Christian

        Ohh, i’m not talking about Trump. 🙂 See, my Adblock as disable so an AD pupped up with a orangutang. Personally, I voted for him. 🙂

        • matrem

          A poor choice

    • smartacus

      the guy who kept Hitlery out 🙂

      • Christian

        You should be in jail

        with that comment. 🙂

        • smartacus

          oh yes, Hitlery will be going to jail.
          it’s going to be funny to watch

  • Maricaibo

    Welcome to our “Oh, look! Bright, shiny object!” president. This was done off the cuff, spur of the moment with zero consultations, zero hearings and zero input from those affected. Just a big ‘Zero!’ Businesses like to plan and like to plan on stability. Remember ‘stability’? Like all things Trumpian this ‘tariff’ has a shelf life of maybe 30 minutes.

    • Enter Ranting

      This should come as no surprise. Drumpf is the worst business man in the history of business. He bankrupted three casinos in a row.

      • Top Player

        The truth seems lost on you. Enter ranting – exit in denial.

        • Maricaibo

          Why just today Orange Julius said ‘Trade wars are good! They’re easy to win.” And before firing off a snarky reply please contact any actual graduate of the Wharton School of Business to discover why this is a really, really, very bad idea.

          • Enter Ranting

            He’s sitting in a cubicle in a Russian troll farm. He doesn’t understand business, government or society. He can’t give you specifics, just Fox News platitudes. Sad.

          • smartacus

            Thank God Trump is in office and not Obozo 🙂

      • smartacus

        Still better than Hitlery that took bankrupt Haiti’s money
        you MUST be doing this on purpose 😀

    • Yep, that’s why I’m asking what is his advisors and secretaries do… They don’t dare to say no to him? The thing is, yeah he got the support of rustbelt middle class that think all of his action would save him, but by the time his presidency end, whoever taking in charge has a lot of mess to deal with, and not to mention the diplomatic problem he’s been creating.

      • smartacus

        As long as it’s him in office and not Hitlery
        who stole the nomination from Bernie.

        • The classic case of choosing the best among the worst…

          Man I wish Bernie is president.

    • smartacus

      ergo; it’s superior to Hitlery

  • Top Player

    As usual, just like the tax changes, ISIS, and the silly Russian collusion claims, it will turn out President Trump was correct in spite of all the naysayers.

    • b_digital

      don’t condone this racist pos

      • DMax

        Race is a social construct!

        • Stigasawuswrecks

          Ask me about that social construct getting me beat by the police and watching my friend getting his face spray painted.

    • Enter Ranting

      Yeah, we’re all super exhausted from all the “winning.”

      • Stigasawuswrecks

        I think you mean whining.

      • smartacus

        Hitlery is still exhausted from stealing
        all those Bernie delegates.
        that’s why they needed
        to carry her to her van

  • lagunas3ca

    Good thing Ford sources 95% of its steel and 98% of its aluminum domestically.

  • Jweisberg

    How exactly is the country going to hell? Employment is continuing to go up, manufacturing continues to go up, consumer confidence is up, etc etc.

    If the country was are as bad as you claim, everything would be tanking or tanked as soon as Trump became President, but they didn’t.

    • Enter Ranting

      You can thank the previous administration for those gains in employment. The country is on autopilot until the shaved orangutan leaves the West Wing.

      • Jweisberg

        My point was, if Trump is bad and incompetent as people make him out to be the country would have crashed, yet it hasn’t. Yes, Trump is rough around the edges but I just don’t understand why any American would be against an American president that wants to make his country great. Regardless of what you think of the man every American should want him to succeed so the country can prosper.

        ” shaved orangutan leaves the West Wing”
        With comments like this you can’t be an adult.

        • Enter Ranting

          Get off your high horse before you hurt yourself. Your simple understanding of how a country works is telling. I want Donald Drumpf – his REAL name, look it up – OUT of office so the country can prosper. The fact that people are STILL defending this dumpster fire of an administration is dumbfounding.

          • Jweisberg

            LOL, is that all you have to say?

            How exactly is the country not prospering? Can you name an industry that has crashed since Trump became President? Can you give examples of how said industry crashed because of Trump? You are acting as though we are living as they were during the great depression.

            Please post a detailed intellectual response, not some emotional nonsense like you just posted.

          • Enter Ranting

            Which government agency do you work for? Please post a detailed description of your government job, not just an emotional response. The fact that you’ve worked for the US government for two decades and are defending Drumpf says a lot.

            NOWHERE did I imply the country isn’t doing well. I said most of the growth we’re seeing has nothing to do with Drumpf, even though he’s taking all the credit for it. Try a reading comprehension course. I’m sure there’s a government discount at a community college near you.

          • Jweisberg

            LMAO,

            You said
            “OUT of office so the country can prosper. ”
            This implies that the country is not prospering

            I then asked you how is the country not prospering? You have not yet answered my question, instead you change the subject to something else.

            “Please post a detailed description of your government job, not just an emotional response. ”

            Emotional responses are your forte not mine. I don’t need to post a detail description of where I work or what department I work for.

            “I said most of the growth we’re seeing has nothing to do with Drumpf”

            How can there be growth if the country is not prospering?

            “community college”
            I have 2 degrees from a university. However, what exactly is wrong with a person that goes to a community college?

            You keep making juvenile comments which shows your lack of intelligence.

            Again if you can’t make an intelligent post explaining how Trump is preventing the country from prospering then you just need to step away from posting and go take your meds.

          • Enter Ranting

            What is your government job?

          • Jweisberg

            LOL, just as I figured you have no real answer. Typical of people like you, you rant and rave about a subject you know nothing about.

            I await another one of your brilliant replies. It is pretty clear you are a person that needs to have the last word.

          • Enter Ranting

            No, seriously – what is your government job? You said you have worked in government for two decades. In what capacity?

          • Jweisberg

            Lol you are so sad.

          • Enter Ranting

            Sounds fascinating. I’m sure your job has given you a deep insight into the complicated economics involved in running a country. Keep those checks coming! My decadent lifestyle isn’t gonna pay for itself!

          • smartacus

            Oh i’m sure your job has NOT given you deep insight into Ebonics.
            Your …decadent lifestyle of genuine high quality cheetoes in your
            little 1000 sq. ft. studio apartment?

          • smartacus

            No seriously; what is your McJob?
            the fry filler or the janitor?

          • smartacus

            What is your McDonald’s McJob?

          • smartacus

            You DON’T work for a government agency.
            and no being in an inmate at a Federal Penitentiary
            doesn’t count.
            Yes you DID imply the country isn’t doing well.
            and you didn’t imply it, you said it:
            “the country is on autopilot”

            No it is not, the country is undergoing
            massive economic advance as a direct result of the tax cut.
            Companies are admitting their employees will see more money
            thanks to the tax cuts. It wouldn’t have happened under Hitlery.
            It certainly didn’t happen under Obozo.

            *thanks for letting us know you are a product of community college.

          • smartacus

            No you get off your back, you low paid hoe.
            Your NON-understanding of how a country works is telling.
            Your beloved Hitlery lost once and forever.
            Your inability to acknowledge Hitlery stealing the nomination from Bernie is why you got Trump.
            you VOTED for Trump by voting Hitlery. Blame Yourself.

        • smartacus

          The only shaved orangutan is Michelle Obozo,
          but it’s racist to point out the obvious 🙂

      • Moveon Libtards

        Oh, but does the former administration also take credit for the current opiod crisis in America? Or that gun sales ROSE during his admin.? Or that African Americans had one of the highest jobless rates in American history, food stamp use was through the roof, and optimism amongst Americans was at it lowest? Or dividing the country through race baiting, which Presidrnt Trump is trying to fix now along with all the other Obummer messes.

        Lololol! You are such a joke. No wonder why you lost to Trump. Not the brightest are the Hitlery supporters.

        JUST A FEW FACTS:

        – GDP is over 3% and estimated over 5% now! Obama NEVER came close to 3% in his ENTIRE TIME (first president to fail this way), yet Trump hit it in only one year!!!

        – Stock market has hit over 100 record highs since Trump became President, include HIGHEST EVER level. Your pensions thank you.

        – Unemployment lowest in decades with African-American and Hispanic unemployment LOWEST EVER!

        – Manufacturing optimism at the highest level in 17 years and climbing.

        – Small business optimism highest since the 80s.

        – Trump’s Tax cut bill passed giving Americans a lot more money in their paychecks, including you. Didnt they say he would never get it passed? Trump wins again.

        I could go on, but check out MagaPill dot com for hundreds more.

      • smartacus

        oh no you CANNOT thank the previous administration for those gains in employment.
        you are not even attempting to not look unintelligent!!!!
        for 8 years Obozo was telling us to get used to the new normal of
        1% economic stagflation and jobs never coming back .

        You could have kept your mouth shut and nobody would have found out
        you are a completely unsophisticated slave

    • Six Thousand Times

      There are some troubling signs starting to develop, though, in new car sales and housing starts. The economy is a cycle, as long as something drives it, it goes well, until something bad happens…like this, perhaps?

  • Enter Ranting

    This from the same moron who used illegally-imported Chinese steel in his buildings.

  • Alexandro Pietro

    Top americans are all like Trump!!!

    • Top Player

      I think you meant to say all patriotic Americans love President Trump!

  • Enter Ranting

    Oooh, “generally positive effects!” Strike up the band! You know Rupert Murdoch owns the Wall Street Journal, right? And no, I don’t watch CNN. Too many commercials. But nice try.

  • Moveon Libtards

    TDS strikes again!

    Going to be a long 7 years for the left-wingers on CS. Sore losers. https://uploads.disquscdn.com/images/7c15190032d075c9c2eab16583e1b3ce23e3109721ce3ced0f6312d6f8508bd1.jpg

  • Moveon Libtards

    Coming from the butthurt Canadian who is seeing his cpuntry go into economic freefall because of the MORON playing Prime Minister.

    Enjoy. Karma is a bitch for talking so much crap against President Trump. You reap what ypu so. 96% chance of winning, eh? Lol

  • Moveon Libtards

    The election is over. You lost. Americans rejected you. It is going to be a long 7 years for you, sore loser. Good luck. Karma is a b**ch.

  • Moveon Libtards
  • Moveon Libtards
  • Moveon Libtards
  • MarketAndChurch

    This idea would be just as bad if it were Bernie Sanders implementing it, I don’t know why more conservatives aren’t standing up to this

  • Six Thousand Times

    If you find one, send it in!

  • datCubanguy

    Where is the exit door out of the comments sections?the one without politics involved?…A divided country is ripe for picking…..APART!

  • Alexandro Pietro

    R ussia and USA developed weapons that menace the Universe and God!!!

  • Alexandro Pietro

    Human beeing of the Earth are dangerous and wilds Conclusion:somebody should destruct them!!!

  • Cobrajet

    Democrats support the Tariffs as they did before.

  • Cobrajet

    We were in hell already.

  • Six Thousand Times

    You’re still failing to grasp the difference between existing stock and new housing starts.

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