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U.S. President Donald Trump hold up an executive order, “Unleashing prosperity through deregulation,” that he signed in the Oval Office on January 31, 2025 in Washington, D.C., while also speaking to reporters about tariffs against China, Canada and Mexico.<\/p>\n
Chip Somodevilla | Getty Images News | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n
The U.S. stock market was rocked Monday after President Donald Trump kicked off a possible global trade war. Shares of companies spanning the auto, industrial, retail and beverage industries with international supply chains were hit particularly hard.<\/p>\n
Trump on Saturday<\/a>\u00a0slapped a 25% tariff on goods from Mexico and Canada, while adding a 10% levy on imports from China. The president said Monday that he’s pausing the Mexico tariffs for one month after Mexican President Claudia Sheinbaum agreed to<\/a> immediately send 10,000 soldiers to her country’s border to prevent drug trafficking. Trump also ramped up his tariff threats to the European Union.<\/p>\n Tariffs could not only increase the cost of transporting goods across borders, they could also disrupt supply chains and crimp business confidence. Goldman Sachs warned that Trump’s latest action could cause a 5% sell-off in U.S. stocks due to the hit to corporate earnings. Here are some of the most affected industries and stocks:<\/p>\n These tariffs could have a material impact on the global automotive industry, which has a heavy reliance on manufacturing operations across North America.<\/p>\n Detroit’s big three car makers \u2014 General Motors<\/a>Automakers<\/h3>\n