Auto sector skids after China tariff shot

|About: Bayerische Motoren Werke ... (BMWYY)|By:, SA News Editor

Auto stocks are down in early trading after China threatens to raise tariffs on $60B worth of U.S. goods starting on June 1. Even if auto tariffs aren't part of the picture, an extension of the trade squabble impacts production and manufacturing decisions within the automobile industry.

Ford (NYSE:F) and General Motors (NYSE:GM) are down 2.1% in premarket trading. while Fiat Chrysler Automobiles (NYSE:FCAU) is off 2.6%. Tesla (NASDAQ:TSLA) is 3.0% lower and within striking distance of its 52-week low of $231.13. Honda (NYSE:HMC) and Toyota (NYSE:TM) are both down 1.0%.

In Frankfurt trading, Daimler (OTCPK:DDAIF) has peeled off 4.9% and BMW (OTCPK:BMWYY) is off 3.3%.

Previously: China retaliates against U.S. on increased tariffs (May 13)

Subscribe for full text news in your inbox