GM, Ford Slip as U.S. Auto Sector Hit by Trump Mexico Threat
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U.S. automakers and parts suppliers were among the sectors hit hardest in early Friday trading after President Donald Trump’s threat to impose a tariff of up to 25% on Mexican goods. General Motors Co. and Ford Motor Co. each fell more than 3%.
The latest blow in the trade disputes adds to a month that has trimmed 12% from the 24-member S&P Supercomposite Automobiles and Components Index, shaving about $20 billion in market value in May through Thursday. It was on track to be the worst month for the sector since December’s 14% slump, although Friday’s declines could push the group beyond that.