US president-elect Donald Trump’s pledge on 25 November 2024 to introduce 25% tariffs on Canada and Mexico had an immediate negative impact on non-American car stocks, particularly European brands. According to Reuters, BMW dropped 1.7%, Volkswagen was down 2.1%, and Stellantis fell 3.3% as trading commenced on 26 November. Clearly, the market anticipates trade challenges going into 2025 that will exacerbate the strains of 2024.
