Shares in US and European automakers were crushed on Monday after China announced plans to impose higher tariffs of its own, further escalating tensions with the US amid trade negotiations.
The Stoxx 600 automobile and parts index was the top laggard in the Europe-wide gauge, sliding 2.7 per cent. Automakers with exposure to China suffered some of the heaviest losses. BMW and Mercedes-Benz owner Daimler, two of the largest exporters of US vehicles to China, sank 1.5 per cent and 3.4 per cent, respectively.
In the US, Fiat Chrysler — which exports US-made Jeeps to China — led declines among the major car manufacturers with a decline of 2.9 per cent.
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