Japanese automakers hit a speed bump on Trump’s latest tariff threat

Japanese car companies are trading lower on Monday following President Trump’s proposed 25% tariff on goods from Japan and South Korea. Shares of Toyota, Nissan, Honda, and other major automakers from the US’s fifth-largest trading partner were all down by more than 3% in afternoon trading.

The US is the top market for five major Japanese automakers: Toyota, Honda, Nissan, Subaru, and Mazda. It’s been a bumpy year for the companies, which expect huge multibillion-dollar tariff blows as it is. In May, Honda forecast a $4.4 billion tariff hit this year, while Nissan said it expects costs to grow by $3 billion.

While these latest 25% tariffs would not be added to the existing 25% global auto tariffs already put in place by Trump, they do appear to signal to investors that those levies are stickier than they’d previously hoped.

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The hiring spree, which also includes employees from Nvidia and Uber, is geared toward ramping up GM’s plans for personal-use self-driving vehicles and not robotaxis. The former had been the focus of Cruise, prior to GM shuttering it in 2024.

Reporting last fall revealed that GM was attempting to rehire some former Cruise employees, but the scope of that effort wasn’t clear. More than 1,000 employees were laid off when the automaker scrapped Cruise, which it invested $10 billion into.

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