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Auto stocks slide after Trump fires first salvo in trade battle

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President Donald Trump announced tariffs on Canada , China , and Mexico on Saturday .

The levies could cost carmakers importing from those countries an extra $33 billion , per Nomura estimates.

Japanese and European carmakers were especially exposed to the tariffs on Mexico .

The onslaught of tariffs is likely to have a dire impact on the automotive industry both globally and in the US .