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U.S. and global automakers were rattled Wednesday after President Donald Trump announced a 25% tariff on all imported vehicles and foreign-made auto parts. The move sent shares of General Motors (NYSE:GM) tumbling 8% in after-hours trading. Ford and Stellantis (NYSE:STLA) dropped around 4.5%, while Asian giants Toyota (NYSE:TM), Honda (NYSE:HMC), and Hyundai (OTC:HYMTF) saw shares fall roughly 3%.
Tesla (NASDAQ:TSLA), which produces its U.S. vehicles domestically but uses some imported parts, slipped 1.3%. Trump said the tariffs could benefit Tesla but noted that CEO Elon Musk did not advise him on the decision.
Nearly 50% of vehicles sold in the U.S. are imported, according to GlobalData. Industry group Autos Drive America, representing foreign brands like Honda, Hyundai, Toyota, and Volkswagen (ETR:VOWG_p), warned the tariffs would increase car prices, reduce consumer choices, and hurt U.S. manufacturing jobs.
Trump, seeking to encourage domestic investment, argued the tariffs would shift automaker investments from Mexico and Canada to the U.S. His USMCA agreement already imposed regional production rules, but the new tariffs end existing reprieves. Vehicles not meeting U.S. content thresholds will face full duties.
Analysts warn of chaos. AutoForecast Solutions says profits for companies with Canadian and Mexican plants could take a significant hit. Cox Automotive predicts the tariffs will add $3,000 to U.S.-made vehicles and $6,000 to Canadian or Mexican cars, potentially slashing North American production by 30%, or 20,000 vehicles per day.
Despite backlash, the United Auto Workers union supported the move, saying the tariffs could bring thousands of high-paying factory jobs back to the U.S. The White House confirmed tariffs on parts—engines, transmissions, and electrical components—will start no later than May 3.
