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US tariffs drag Mexico's peso, stocks lower

LONDON/NEW YORK (Reuters) -Mexico's peso fell for a fourth consecutive session on Tuesday and briefly touched the 21-per-dollar level for the first time in a month after the United States imposed 25% tariffs on imports from Mexico. Stocks also fell in Mexico for a fourth day and the benchmark index slid to its lowest in five weeks, with local equities still up over 3% year to date. Mexico's trade-dependent economy sends around 80% of its exports to the United States.

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European auto stocks sink as U.S. tariffs on Mexico, Canada kick in

The STOXX Europe 600 Automobiles and Parts index fell the most since September 2022, and was down 5% in afternoon trading, reflecting exposure to the tariffs, with companies such as Volkswagen, Stellantis and BMW all have manufacturing sites in Mexico. According to data from Mexico's automotive industry association, Stellantis and the Volkswagen Group -- which includes Audi -- are the two biggest European exporters of light vehicles to North America out of Mexico.