Shares of German automakers fell amid Trump's statements about the increase in duties

Shares of German car companies fell after US President Donald Trump announced an increase in duties on European cars from 15% to 25%. This was reported by the Reuters news agency on May 4.

It was clarified that shares of Porsche, BMW, Mercedes-Benz, Volkswagen, Traton and Daimler Truck decreased by 0.4%.

The agency notes that the decision of the head of the White House was a blow to the German car industry, which has already been experiencing difficulties in recent years.

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Reuters reported on May 2 that Trump's increase in duties on cars and trucks from the European Union could cost Germany almost €15 billion. It was noted that the institute's assessment indicates the "vulnerability of the largest EU economy" to US import duties, which have already cost the German automotive industry billions of dollars.

On May 1, Trump announced that the duty on cars and trucks produced in the European Union (EU) would be increased by 25% next week due to the failure of the union to comply with the terms of the trade agreement with the United States.