Stocks that are getting hit the most from Trump's tariffs Monday include GM, Chipotle and Canada Goose
The U.S. stock market was rocked as President Donald Trump kicked off a possible a global trade war. Shares of companies spanning the auto, industrial, retail and beverage industries with international supply chains were hit particularly hard.
Trump on Saturday slapped a 25% tariff on goods from Mexico and Canada, while adding a 10% levy on imports from China. Canada responded with retaliatory tariffs of its own, while Mexico said it would explore levies on U.S. imports. Trump also ramped up his tariff threats to the European Union.
Tariffs could not only increase the cost of transporting goods across borders, they could also disrupt supply chains and crimp business confidence. Goldman Sachs warned that Trump's latest action could cause a 5% sell-off in U.S. stocks due to the hit to corporate earnings. Here are some of the most affected industries and stocks:
These tariffs could have a material impact on the global automotive industry, which has a heavy reliance on manufacturing operations across North America.
Detroit's big three car makers — General Motors, Ford, and Stellantis — could feel the pain from disrupted supply chains as a result of tariffs and may be forced to shift production from foreign factories to the United States.
Constellation Brands, a large importer of alcohol from Mexico, is leading a sell-off among booze stocks. Also Canada has threatened to pull American alcohol from its government-run liquor shelves in response to Trump's 25% tariffs.
Restaurant chain Chipotle Mexican Grill and avocado company Calavo Growers could feel the pain from more costly supplies as these companies import avocados from Mexico.
Sportswear brands Nike and Lululemon could be vulnerable to Trump's tariffs because of their
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