Shares of auto giants fell sharply on Monday as U.S. President Donald Trump imposed long-threatened tariffs on goods from Canada, Mexico and China. Analysts expect Trump's tariffs to have a profound impact on the global automotive industry,

Amid warnings of price increases, Canada moved quickly to retaliate, China said it had planned countermeasures and Mexico said it would soon unveil its response.

Donald Trump hit Canada, Mexico and China with steep tariffs on Saturday, and oil and gas groups are relying more heavily on carbon offsets to reach climate targets. Plus, EU governments are exploring ways to include the UK and Norway in a “coalition of the willing” dedicated to ramping up the continent’s defence.