General Motors and Fiat Chrysler cut profit forecasts and their shares plunged on Wednesday, in a clear sign the global trade war is hurting the world’s largest carmakers.
GM’s shares fell as much as 7 per cent, their biggest drop in seven years, after warning of higher steel and aluminium costs tied to new metals duties. Fiat said changes to Chinese import tariffs were stifling demand, prompting its shares to fall 14 per cent.
The warnings came after President Donald Trump on Tuesday tweeted tariffs were “the greatest!” ahead of a White House meeting with Jean-Claude Juncker, the European Commission president who is attempting to diffuse the transatlantic trade dispute that Mr Trump has threatened to expand into autos.
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