Ford, GM falls; President Trump increases tariff rate on imported steel

Shares of U.S. automakers fall in premarket trading

U.S. President Donald Trump said on Friday he would raise tariffs on steel and aluminum imports to 50% from 25%, effective Wednesday

Ford F.N falls 1.3% to $10.25, while General Motors GM.N down 1.4% at $48.93 before the bell

GM operates manufacturing facilities in South Korea, which builds some of its affordable SUV's such as Trax

YTD, Ford shares up 6.5%, GM down 6.9% vs 0.5% rise in benchmark S&P 500 .SPX index