(Reuters) – British stocks fell on Thursday, with luxury carmaker Aston Martin slumping to a record low, after U.S. President Donald Trump announced new tariffs on all foreign-made vehicles and auto parts.
The blue-chip FTSE 100 fell 0.6% as of 1054 GMT, while the midcap FTSE 250 index was down 0.5%.
Late on Wednesday, Trump announced a 25% tariff on imported cars and light trucks starting next week, widening concerns about the global trade war he kicked off upon returning to the White House this year.
Finance Minister Rachel Reeves said Britain was working intensely with Washington to secure an exemption from U.S., the second-biggest importer of British-made cars, on autos tariffs and could review subsidies enjoyed by Elon Musk’s Tesla to better support its industry.
Separately, industry data showed Britain’s vehicle output, including those of electric and hybrid automobiles, fell in February, underscoring the persistent challenges faced by the auto sector amid escalating global economic uncertainties.
The FTSE 350 automobiles and parts stocks fell 1.3%, with Aston Martin falling 5.6% to an all-time low.
On the flip side, British retailer Next gained 6.6% after raising its profit forecast for the current year.
North Sea-focused oil producer Enquest was up 8.7% after reporting an annual profit and declared its first-ever final dividend of $15 million.
(Reporting by Sanchayaita Roy in Bengaluru; Editing by Anil D’Silva)
Comments