Auto stocks fall after Trump's announcement on tariffs

U.S.-listed shares of car makers lose ground after President Donald Trump's announcement of tariffs on auto imports

Trump announced plans for long-promised tariffs of up to 25% on automotive imports, in a move auto industry experts expect will drive up prices and stymie production

Said new import taxes will go into effect on April 2, the same date he plans to announce reciprocal tariffs aimed at the countries responsible for the bulk of the U.S. trade deficit

Collection of the new auto tariffs would begin on April 3

After the bell, General Motors GM.N falls 6% and Ford F.N loses 4%, while Tesla TSLA.O gains 1.2%

Toyota Motors' U.S. listing TM.N drops 2.2% and BMW closes BMWKY.PK 4.1% lower

As of Wednesday's close, S&P 500 automobile index .SPLRCAUTO has slumped over 30% year-to-date amid worries about tariffs and weakening demand