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Share Name | Share Symbol | Market | Type |
---|---|---|---|
American Axle and Manufacturing Holdings Inc | NYSE:AXL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.17 | 2.32% | 7.49 | 7.85 | 7.27 | 7.75 | 2,015,504 | 01:00:00 |
By Sam Goldfarb
Investors punished shares of companies with exposure to Mexico on Friday after President Trump said the U.S. would impose escalating tariffs on Mexican imports.
The selling was particularly acute among auto makers and their suppliers, many of which have significant manufacturing operations south of the U.S. border. General Motors and Renault both fell more than 4%. Among auto-parts makers, Lear fell 3.6% while American Axle & Manufacturing Holdings dropped 3.6%.
Outside of the auto sector, Corona brewer Constellation Brands lost 6.4%. Kansas City Southern, which has a major rail network that runs through the central U.S. and Mexico, slid 6.1%. And Union Pacific, which has a minority holding in the Mexican rail company Ferromex, declined 2.4%.
Mr. Trump said in a tweet late Thursday that the U.S. will impose a 5% tariff on all Mexican imports starting June 10. The tariff rate would grow steadily, hitting 25% on Oct. 1 unless Mexico takes what Mr. Trump deems satisfactory actions to halt the flow of migrants to the U.S.
The threat added to investors' concerns about rising trade barriers and the Trump administration's aggressive use of tariffs as geopolitical weapon, which some analysts say could hinder a resolution to the U.S.-China trade battle. Some investors and analysts are worried that rising trade tensions could slow the global economy and thereby hurt corporate profits.
Roughly two-thirds of U.S. imports from Mexico occur between related party companies, in which one firm owns at least 10% of its trading partner, according to Deutsche Bank. In addition, roughly 35% of auto exports from the U.S. included foreign-made parts, as of 2011, underscoring the increasingly global supply chain of the industry.
Write to Sam Goldfarb at sam.goldfarb@wsj.com
(END) Dow Jones Newswires
May 31, 2019 11:46 ET (15:46 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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