Shares of industrial and transportation companies fell as auto makers lost ground in the wake of the Trump administration's latest tariff unveiling.
President Donald Trump said he would impose 25% tariffs on global automotive imports to the U.S. The tariffs, set to cover finished automobiles and automotive parts, will be levied on top of existing duties, including a 2.5% tariff imposed by the U.S.
Canadian Prime Minister Mark Carney vowed the nation, whose auto industry is closely entwined with that in nearby Detroit, would retaliate.
Losses moderated after reports that Carney and Trump would speak in the coming days.
General Motors slid amid fears that its overseas production would generate a hit to profit growth.
Ferrari warned customers that prices would rise 10% when the tariffs kicked in, suggesting the maker of premium sports cars was willing to absorb some of the increased cost without passing it on to consumers.
Flexport, the tech-focused freight forwarder that launched more than a decade ago, is extending its timeline to reach profitability.
The Federal Reserve Bank of Kansas City said Thursday that its Tenth District manufacturing survey's composite index came in at minus-2 in March, up from minus-5 in February.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
March 27, 2025 16:47 ET (20:47 GMT)
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