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FILE PHOTO: Mechanic staff work on the production line of Volkswagen e-Golf in the Glaeserne Manufaktur plant in Dresden, Germany May 8, 2018. REUTERS/Matthias Rietschel
November 27, 2018
BERLIN (Reuters) – European auto stocks extended losses on Tuesday after a German magazine reported that U.S. President Donald Trump could impose tariffs on imported cars from next week.
Wirtschaftswoche cited EU sources as saying a U.S. Department of Commerce investigation report was on Trump’s desk, adding: “Trump will possibly decide on tariffs as early as next week after the G20 meeting in Buenos Aires.”
It cited the sources as saying the report recommended a 25 percent customs duty on car imports from all countries except Canada and Mexico.
The White House House did not immediately respond to a request for comment. Neither did the European Commission.
European auto stocks extended losses after the report, falling as much as 2.5 percent. Autos stocks are down 20 percent year-to-date as fears of tariffs and slowing growth in car sales drive investors away from the sector.
Shares in VW <VOWG_p.DE> widened losses and were trading 2.8 percent lower at 1515 GMT. BMW <BMWG.DE> shares were down 1.6 percent. Daimler <DAIGn.DE> shares were down 2.2 percent.
(Reporting by Michelle Martin in Berlin, Ludwig Burger in Frankfurt, Philip Blenkinsop in Brussels, Helen Reid in London and Jeff Mason in Washington; Editing by Paul Carrel)