Shares of automakers and other large steel and aluminum users in the United States tumbled on Thursday after President Donald Trump announced a plan to slap hefty tariffs on imports of the metals, which he said would protect U.S. industry.
The announcement of tariffs of 25 percent on steel imports and 10 percent on imported aluminum rocketed through the stock market, taking a toll on industrial companies and aircraft manufacturers, as well as the auto makers, while driving up U.S. metals producers.
Shares of the three major U.S. automakers, which were already down due to weak numbers for U.S. new vehicle sales in February, took another leg down following Trump's announcement.