International
Stocks from automakers to retailers feel pressure from tariff threats

Published 2:27 PST, Mon February 3, 2025
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NEW YORK (AP) — Companies in a wide range of industries saw their stocks come under pressure Monday on Wall Street because of tariff threats from President Donald Trump.
Automakers, technology companies and retailers all fell as the U.S., Mexico, Canada and China wrangled over tariffs. Trump said over the weekend that 25 per cent tariffs on imports from Canada and Mexico would go into effect Tuesday, though he has given the nations a 30-day reprieve. China still faces 10 per cent tariffs.
Here's a look at the sectors of the stock market most affected by a trade war:
Car trouble
The automotive sector faces a bumpy road ahead. The industry’s production processes are heavily intertwined throughout the nations impacted by tariffs.
General Motors fell 3.2 per cent and Ford slipped 1.9 per cent. Stellantis slipped 3.9 per cent and Tesla fell 5.2 per cent.
In 2024, 22 per cent of all light vehicles sold in the U.S. were imported from Mexico, according to S&P Global Mobility. General Motors sources about 22 per cent of its vehicles and Ford sources 15 per cent of its vehicles from Mexico.
The tariff threat is also dragging down auto parts companies. Visteon, which has significant business relationships with Ford, General Motors and Volkswagen, fell 3.4 per cent. Aptiv fell 2.8 per cent and Goodyear Tire fell 1.9 per cent.
Trouble brewing
Liquor, beer and alcoholic beverage makers came under pressure from potential tariffs. Authorities in several Canadian provinces are already retaliating by planning to remove American liquor brands from government store shelves.
Constellation Brands fell 3.5 per cent. The company is particularly sensitive to trade issues. It owns the exclusive rights to import Corona and Modelo brand beer to the U.S. from Mexico. The brands are actually owned by Budweiser maker AB InBev, which holds rights to the beer brands outside the U.S. AB InBev shares fell 1 per cent.
Molson Coors, which makes Molson and Coors brand beers, fell 2.5 per cent.
Brown-Forman, which distributes Jack Daniels whiskey, fell 3.3 per cent.
Diageo, which owns Smirnoff, Johnnie Walker and Crown Royal among other liquor brands, fell 2.5 per cent.
Tech glitch
Tariffs have put more pressure on the Big Tech companies that have been leading the market to records. The sector was already under pressure following last week's worries about increased competition from China's DeepSeek artificial intelligence company.
Semiconductor giant Nvidia fell 2.8 per cent and iPhone maker Apple slipped 3.4 per cent. Both companies rely on China for production and sales. Nvidia gets nearly 39 per cent of its revenue from China, while Apple gets about 16 per cent of its revenue from China, according to FactSet.
Retail retreat
Clothing and other retailers are particularly sensitive to tariffs. The industry relies on production of goods in China, Mexico and other nations. Consumers rely on relatively low prices for many of those imported goods.
Nike's stock fell 0.4 per cent. It makes 22 per cent of its finished products and gets 30 per cent of its raw materials from China. That's compared with just 4 per cent of its products made in the U.S.
Best Buy, like other electronic retailers, relies on sales of products made outside of the U.S. It's stock fell 2.4 per cent.
Construction costs
Homebuilders face rising costs if wood and other building materials become more expensive. Canada is a big exporter of lumber to the U.S.
Lennar fell 3.8 per cent, Toll Brothers fell 3.2 per cent.
– Damian J. Troise, The Associated Press