Stocks crash on Trump’s auto tariffs

MANILA, Philippines — Global stocks, including the Philippines, tumbled yesterday, led by heavy losses in Japan and South Korea, after US President Donald Trump announced new tariffs on auto imports, with European stock futures also pointing to a lower open.

Trump late on Wednesday announced plans for long-promised 25 percent tariffs on automotive imports. Analysts expect the move to hit European, Japanese and South Korean companies at most.

Philippine stocks stepped back into the negative territory following a decline in US equities amid Trump’s announced auto import tariffs.

The benchmark Philippine Stock Exchange index retreated by 0.43 percent or 26.54 points to close at 6,139.51.

Also in the red was the broader All Shares index, which declined by 0.39 percent or 14.35 points to settle at 3,662.36.

“Philippine shares fell once again as tariff concerns weighed on sentiment. The White House said Trump would unveil new auto import tariffs. He hinted that broader tariffs, expected next week, may be more lenient than reciprocal, easing fears of aggressive trade measures,” Luis Limlingan of Regina Capital said.

Net value turnover further thinned to P4.07 billion from the previous day’s P4.52 billion.

Sectoral gauges were a mixed bag, with mining and oil posting the highest increase at 0.81 percent, while industrial recorded the largest drop at 1.27 percent.

Market breadth was negative as decliners pummeled advancers, 127 to 63, while 48 issues were unchanged.

BDO was yesterday’s most actively traded company, climbing by 0.59 percent to P154 per share, followed by Ayala Land which fell by 1.14 percent to P21.70.