Why Auto Stock Magna International Fell Over 10% Today

The shares of Magna International (NYSE: MGA) plunged 11.6% this morning as panic gripped investors after President Donald Trump announced plans to impose hefty import tariffs over the weekend, including a 25% levy on imports from Canada and Mexico, with a 10% tariff on imports from China.These markets are also some of Magna's most important markets, which may explain why the auto parts company's stock slumped today.And a competitor just painted a scary picture, predicting that Trump's tariffs could hit production in the North American auto industry and trigger massive layoffs. Ouch.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool