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On March 28th, President Trump's proposal to impose a 25% tariff on imported automobiles into the United States triggered a steep decline within the automotive industry, resulting in a general drop in European auto stocks. Rabobank emphasized that the European Union is under considerable pressure to respond and favors reaching an agreement to avert a trade war. However, should no accord be achieved, the EU may retaliate. Aston Martin's share price bore the brunt of this development, plummeting an additional 3.1% today. Shares of Mercedes-Benz, BMW, Volkswagen, Stellantis, and Porsche also saw declines of approximately 1%. In contrast, Ferrari's share price surged 2.2% after announcing a price hike to counteract the potential impact of the tariffs.
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