Shares of Asian automakers dropped after Trump signed an executive order imposing tariffs on foreign-made cars and light trucks, effective April 2. Toyota, Honda, Mazda, Nissan, and Mitsubishi all saw their shares decline following the tariff announcement. Kia Motors, Nio, and Xpeng also experienced drops in their stock prices. The White House estimated the new tariffs could generate over $100 billion in annual revenue. iSeeCars analyst Karl Brauer warned the global supply chain will still raise production costs even for cars assembled in the U.S., with costs either cutting into profits or being passed to consumers.
