CAR CRASH
Billions wiped off UK and European car giants in wake of Donald Trump’s tariffs
Business giant slams European politicians for failing to negotiate a better solution
BILLIONS of pounds were wiped off the value of European car giants yesterday as shares slid in the wake of Donald Trump’s tariffs.
The President triggered a car crash for the industry by announcing a 25 per cent blanket tariff on all foreign-made vehicles.
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The move also impacts British car makers with the US accounting for 16.9 per cent of all exports, worth £6.7 billion.
British luxury car brands Range Rovers, Bentleys, Aston Martin, Rolls-Royce, Lotus and Minis are all popular with American drivers.
Chancellor Rachel Reeves yesterday said that there were “intense negotiations” with the US amid hopes that the UK can still wangle some exemptions from the tariffs.
London-listed James Bond favourite Aston Martin, which shipped 1,928 cars to the US last year, skidded to a record low after losing 6.6 per cent
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Shares in Vauxhall owner, Stellantis, dropped by 4.2 per cent while German manufacturers Porsche, Mercedes-Benz, BMW and Volkswagen all dropped.
Andrew Griffith, the shadow trade secretary, said: “This auto tariff announcement is concerning. The sector is under pressure and British jobs are clearly now at real risk.”
It is embarrassing for Business Secretary Johny Reynolds who last week flew to Washington in the hope of smoothing out concessions in a global trade war.
Jim Ratcliffe’s Ineos yesterday slammed European politicians for failing to negotiate a better solution. “This is what happens when politicians sit on their hands”, the Grenadier maker said.
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