European automakers pare some losses after falling on Trump's 50% tariff proposal

Shares of European automakers pare some losses, following a sharp drop of over 5% for most, after U.S. President Donald Trump said he is recommending a straight 50% tariff on goods from the EU starting on June 1

By 1425 GMT, shares of Italy's Ferrari RACE.MI are down 3.8%, Stellantis STLAM.MI falls 3.9%

France's Renault RENA.PA is down 1.2%

Germany's BMW BMWG.DE falls 3.4%, Volkswagen VOWG.DE is down 2.2%, Porsche PSHG_p.De is down 2.8%, Mercedes-Benz MBGn.DE falls 3.7%

Sweden's Volvo VOLVb.ST is down 1.3%

Volvo Cars CEO Hakan Samuelsson told Reuters that with a 50% tariff, it could become impossible to import the smallest cars in the company's lineup to the U.S.

"As it has done in the past, the company waits for official and executive measures to be implemented," a Ferrari spokesman told Reuters