Automaker stocks dive on steel and aluminum tariffs announcement

Matthew Busch | Bloomberg | Getty Images

An employee carries a headliner to be installed onto a vehicle at the General Motors assembly plant in Arlington, Texas.

Shares of major automakers dived Thursday on news that the U.S. will impose new tariffs on steel and aluminum as early as next week.

The U.S. will set tariffs of 25 percent for steel and 10 percent for aluminum, President Donald Trump said Thursday.

General Motors shares recently fell more than 4 percent, while Fiat Chrysler declined about 3 percent. Ford and Toyota were also recently down about 3 percent, while Honda shed about 2 percent.

General Motors issued a statement saying, “We purchase over 90% of our steel for U.S. production from U.S. suppliers,” meaning that the tariffs won’t have a significant impact.

Toyota also said in a statement, “The majority of our steel and aluminum purchases come from the United States.”