Donald Trump's tariffs could cost carmakers up to 17% of combined core profits: S&P

European and American carmakers could lose up to 17% of their annual core profits if the U.S. imposes import tariffs on Europe, Mexico, and Canada. Premium automakers Volvo and Jaguar Land Rover, and groups General Motors and Stellantis, are most vulnerable. Increased tariffs, tighter CO2 regulations, and stronger competition might lead to credit downgrades for these companies.