US automakers fall as China announces retaliatory tariffs

Shares of U.S.-based automakers fall as China slaps additional tariffs of 34% on U.S. imports into the country

Ford F.N down 2.4% and General Motors GM.N down 4.3%

In 2024, GM sold 1.83 million vehicles in China, accounting for 30.6% of its total vehicle sales

China represented 11.6% of Ford's 2024 wholesales, which primarily includes vehicles sold to dealerships

Separate auto tariffs by the U.S. is expected to impact $460 billion of vehicle imports

Foreign carmakers have been losing market share to local rivals in China