European auto stocks fell sharply in early trading on Thursday after trump announced the start of a "232 investigation" into imports of cars and parts.
BMW ag fell 2.7 percent in early trading, Daimler ag fell 2.68 percent, Volkswagen ag fell 2.15 percent and porsche ag fell 2.23 percent.French carmakers suffered relatively little, but Renault still lost 1.02 per cent and PSA fell 1.25 per cent.
BMW shares closed down 1.69 percent at the close of trading in Europe, near a one-month low.Daimler shares closed down 2.77 percent and Volkswagen shares closed down 2.54 percent, both trading at a five-day low.Porsche shares closed down 3.02%, Renault shares closed down 1.68%, both trading at one-month lows, and PSA shares closed down 1.11%.
Japanese carmakers were also hit by the news, with Toyota and Honda both down more than 3 per cent in Asian trading