Trump's tariff plan is set to hit the stock prices of US auto and tech giants

2025-02-03 18:48:11
On February 3rd, after US President Trump ordered sweeping tariffs on Mexico and Canada, automakers and big tech stocks bore the brunt on Monday, raising concerns that a global trade war could affect economic growth. Investors flocked to the dollar and US Treasury bonds. Among automakers, General Motors shares fell 6.4% in premarket trading, Ford fell 3.8% and Tesla fell 2.9%. Big tech stocks fell, with Microsoft down 1.5% in premarket trading, Apple down 1.9% and Amazon down 2.3%. Russell futures fell 2.2%, foreshadowing a sharp drop for stocks focused on the US domestic market. Mr. Kasman, chief economist at JPMorgan, said the bank's basic view that the Trump administration would try to limit disruptive policies was being challenged. The risk was that the policy mix was skewing towards an unfriendly stance for business.