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Detroit News: Ford, GM shares drop as Commerce endorses metal tariffs
PMA and NTMA mentioned in Detroit News article.
Friday, February 16, 2018
Shares of automakers Ford Motor Co. and General Motors Co. declined Friday after the U.S. Commerce Department recommended stiff tariffs for imported steel and aluminum that could increase the cost of building cars.
Commerce Secretary Wilbur Ross recommended a 24 percent global tariff on steel imports and 7.7 percent tariff on imported aluminum. President Donald Trump is expected to make a decision on the recommendations from Ross by April.
Ford stock closed down 1.4 percent by the close of trading Friday on the New York Stock Exchange, and GM fell 1.8 percent. Fiat Chrysler Automobiles stock was unchanged for the day.