(BFM Stock Exchange) – Actions for automotive groups are growing on Tuesday, while Donald Trump is considering loosening customs rules in terms of import vehicles and spare parts in the United States.
Donald Trump’s unpredictability about his customs policy materializes day after day. After provisionally sparing the technological sector last weekend, it is now the automotive compartment to afford the good graces of the American president.
Donald Trump said on Monday, April 14, said he was thinking about being more flexible on customs policy aimed at importing vehicles and spare parts in the United States. “I am thinking about a way to help the manufacturers,” said Donald Trump on Monday from the oval office. They go to parts made in Canada, Mexico and elsewhere, and they need a little time, because they will make them here, “he added.
It is therefore a new turnaround of Donald Trump’s trade policy, barely two weeks after the entry into force, on April 3, of customs duties of 25% on imports of vehicles in the United States.
On the stock market, the automotive sector salutes these good news. At Wall Street, Ford increased by 4.1%, when General Motors won 3.5% Monday evening in the wake of these declarations.
Asian manufacturers have also reacted favorably to these announcements. On the Tokyo Stock Exchange, Toyota resumed 3.7%, Honda 3.6%and Nissan 1.4%. In Seoul, Hyundai won 4.3%.
In Europe, BMW won 3.1%, Volkswagen resumed 2.5%, and Mercedes-Benz 2.4%on the Frankfurt Stock Exchange. On the side of the Parisian square, Renault, present only indirectly on the American market via Nissan, climbs 1.5%when the car manufacturers are at the party of Forvia (+4.8%) or Valeo (+4.6%).
“Recall that around 50% of vehicles sold in the United States are imported, around 8 million vehicles (mainly from Mexico, Canada, Europe or Japan and Korea). Beyond, out of the 50% already assembled in the United States, local content (i.e. customs duties) is estimated only 40-50%”, detailed Oddo BHF in early April.
Stellantis which recently unveiled disappointing volumes in the first quarter, benefits from these good news and increased by 4.6%.
The French group is well established in North America. According to Royal Bank of Canada, the group produces around 580,000 vehicles in Mexico and Canada, generating around 11% of its current operating profit. According to its calculations, permanent American customs duties on the 25% automobile would take 12% profits from the company, without compensatory measures (such as a relocation of production in the United States).
A survey on pharmaceutical products and semiconductors
If a softening of customs rules seems to be studying for the automotive sector, the Trump administration has however opened the way in recent days to specific customs duties aimed at pharmaceutical and semiconductors.
The United States Ministry of Commerce opened an investigation on Monday to determine the “effects on national security” of the importation of pharmaceutical and semiconductor products, according to government documents subject to the Official Journal.
This is a step prior to the implementation of customs duties on these two sectors by decree. US Secretary of Commerce Howard Lutnick said on Sunday April 13, in “This Week”, the program of the ABC television channel that the White House was going to set up “a pricing model to encourage” the companies of semiconductors and the pharmaceutical industry to relocate their activities in the United States.
“All these products [high-tech] will be classified in the semiconductor category and will be the subject of a special customs rate to ensure that these products are replaced. We need semiconductors, fleas and flat screens – These products must be made in America. We cannot depend on Southeast Asia for everything that works for us, “said Howard Lungick.
Last week, Donald Trump said that he intended to introduce “major customs duties on pharmaceutical products”, during an annual dinner organized by the National Republican Committee of Congress.
“Once we have done this, they will return en masse to our country, because we are the largest market,” added Donald Trump. “The advantage we have on everyone is that we are the big market,” he said at this event.
Sabrina Sadgui – ©2025 BFM Bourse
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