Jan 16, 2017

Trump comments hit shares in German car makers

BMW shares fell by 1.4% in Frankfurt, VW was down 2% and Mercedes Benz owner Daimler dropped 1.8%. "Mr Trump told German newspaper Bild:"If you want to build cars in the world, then I wish you all the best. You can build cars for the United States, but for every car that comes to the USA you will pay 35% tax. German economy minister Sigmar Gabriel said that rather than trying to penalise German car makers, the US should instead build better and more desirable cars. He said the Japanese company would be hit with a "Big border tax" if the plan went ahead. American car companies have faced harsh criticism from Mr Trump for building cars more cheaply outside the US. Ford has said it will cancel a $1.6bn plant it planned to build in Mexico and instead extend operations at its factory in Michigan. The US car giant will spend $700m on expanding the plant at Flat Rock.

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