Global News

Shares in Japanese car makers hit by Mexico tariffs

Car makers in Asia could be about to hear the screech of brakes in their North American businesses.

Shares in Japan’s biggest manufacturers have tumbled in Tokyo after Trump’s announcement he’d be putting a 5% tariff on all goods from Mexico and that it will rise every month until it reaches 25% in October.

The US is the world’s largest car market after China.

Mazda Motor Co took the biggest hit, tumbling nearly 7%. Shares in Toyota fell 2% while Nissan dropped 5% and Honda nearly 4%.

According to Reuters, Japanese automakers together produced about 1.25 million vehicles in Mexico in 2018.

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