Transportation
GM, Ford Shares Downgraded as Banks Warn of Tariff Impact
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Major US automakers saw their shares downgraded on Thursday as banks warned of higher costs and lower demand brought on by Donald Trump’s trade war.
UBS Group AG cut its recommendation on shares of General Motors Co. to neutral from buy, citing the possibility that tariffs will raise prices and disrupt production. Goldman Sachs Group Inc. made the same change for Ford Motor Co. as it lowered its outlook for US auto sales and global production.