Europe’s beleaguered automakers are also affected by high tariffs on imports from Mexico and Canada. Shares in Volkswagen, Mercedes-Benz and BMW all dropped early Tuesday, echoing the declines in U.S.

President Claudia Sheinbaum’s government made major concessions — and delivered results — to avert President Trump’s 25 percent tariffs. He imposed them anyway.

Mexico will be granted a monthlong reprieve on tariffs on goods that fall under an existing free-trade agreement with the United States, Trump wrote on social media.