Shares of General Motors (GM) and Ford Motor (F) were among the biggest decliners in the 澳洲幸运5官方开奖结果体彩网:S&P 500 on Monday after President Donald Trump announced plans to 澳洲幸运5官方开奖结果体彩网:double tariffs on steel imports to 50%.

GM and Ford shares were down 4.3% and about 4%, respectively, in recent trading Monday afternoon. Shares of fellow 澳洲幸运5官方开奖结果体彩网:"Big Three" automaker Stellantis (STLA), the maker of Jeep and Chrysler, were down nearly 3.5%꧟.

Late Friday, President Trump said at U.S. Steel's (X) Irvin Works in West Mifflin, Pennsylvania, that doubling the current 澳洲幸运5官方开奖结果体彩网:25% tariffs on steel imports would he🎐lp protect American steelworkers and "further secure the steel industry."

However, such a move would greatly increase automakers' manufacturing costs. Experts have said prices of 澳洲幸运5官方开奖结果体彩网:both used and new cars could rise by 澳洲幸运5官方开奖结果体彩网:thousands of dollars, and it also would make 澳洲幸运5官方开奖结果体彩网:car insurance more expensive.

Including Monday's sharp declines, Stellantis and GM shares have fallen 25% and 11% this year, respectively, while Ford stock is roughly flat.