By Joshua Gallu and Isolde MacDonogh

Volkswagen AG and Stellantis NV led the steepest intraday decline in European auto shares since April as US President Donald Trump’s new tariffs promised to cut into sales from their factories in Mexico.

VW, which exported more than 500,000 vehicles last year to the US from Mexico, fell 6.7% in early trading, while Stellantis, the next biggest European producer there, declined 7%.

Story continues on Bloomberg

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