Trump said in a post on Truth Social that on his first day in office he would impose a 25% tariff on all products from Mexico and Canada, and an additional 10% tariff on goods from China, citing concerns over illegal immigration and the trade of illicit drugs.

General Motors, Ford and Stellantis shares slid Tuesday after President-elect Trump threatened 25% tariffs on all imports from Canada and Mexico. The move by the new administration would likely stop American car demand in its tracks,

Stellantis NV (NYSE:STLA) stock was down 5.4% at $12.64 at last glance, and earlier hit a fresh two-year low of $11.37. The shares have basically been in freefall since their March 25 record high of $29.51, and are now down 45.7% since the start of the year.