The move by Trump, though widely expected, knocked some of the world’s biggest manufacturers, as investors grappled with the prospect of weakening demand from the world’s top economy and, more worryingly, the possibility of a downturn in global growth.
Toyota, the world’s top automaker, and smaller rival Nissan fell more than 5%. Honda tumbled more than 7%.
Honda sends 80% of its Mexican output to the U.S. market, and its chief operating officer Shinji Aoyama warned in November it would have to think about shifting production if the U.S. were to impose permanent tariffs on imported vehicles.
Trump imposed 25% tariffs on Mexican and most Canadian imports and 10% on goods from China. While mainland China’s markets are closed for the Lunar New Year holiday, Chinese stocks listed in Hong Kong slid on Monday, reflecting the concern about the tariffs.
Australia’s big iron ore miners, BHP, Rio Tinto and Fortescue were down between 2 and 5 percent on Monday on prospects the tariffs would stunt global growth.
Shares of Taiwanese tech companies with factories in Mexico fell, with Foxconn down 8%, Quanta down around 10% and Inventec down 8%.
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