Auto Stocks Tumble After Trumps Says He ‘Couldn’t Care Less’ if Tariffs Raise Prices

Shares of global auto stocks, including those of Tesla’s (TSLA), are falling in premarket trading Monday after U.S. President Donald Trump said in an interview over the weekend that  he “couldn’t care less” if automakers increased their prices due to tariffs on vehicle imports.

“I couldn’t care less, because if the prices on foreign cars go up, they’re going to buy American cars.” Trump said in an interview with NBC News on Saturday when asked if he were concerned about car prices rising following the tariffs.

Trump last week announced a 25% tariff on the import of foreign-made cars and auto parts not compliant with the U.S.-Mexico-Canada Agreement (USMCA). The levies will take effect “on or after 12:01 a.m.” ET April 3, while those on auto parts will begin “no later than May 3.”

Shares of the “Big Three” automakers fell Monday morning. General Motors (GM) and Jeep and Chrysler maker Stellantis (STLA) were falling more than 2% in premarket trading, while those of Ford (F) are down more than 1%.

Meanwhile, shares of U.S. electric vehicle maker Tesla—whose CEO Elon Musk’s work with the Department of Government Efficiency has unnerved some investors and analysts—are down around 6%. 

Shares of Japanese automakers Toyota (TM) and Honda (HMC) have fallen around 1% and 2%, respectively. In Seoul trading, Hyundai, which last week announced a roughly $21 billion investment in the U.S., closed down 3% and while Volkswagen shares are down 4% in German trading.