08:16 AM EST, 11/29/2024 (MT Newswires) -- President-elect Donald Trump's proposed tariffs on light vehicle imports could lower the combined annual earnings before interest, taxes, depreciation and amortization of US and European carmakers by up to 17%, S&P Global said in a report Friday.

General Motors ( GM ) and Stellantis ( STLA ) are particularly vulnerable because of the number of cars they assemble in Mexico and Canada, the report said.

Such pressures would result in higher prices for customers or lower profits.

Mitigating measures may blunt the impact of possible tariffs but tighter carbon emissions rules in Europe beginning in 2025 and growing competition in China and Europe "could increase the risk of downgrades," the report said.

"Donald Trump's re-election will likely intensify the headwinds the global auto industry will face in an already challenging 2025," the report said.

The report cautioned that "the scope, magnitude, and timing of new tariffs are uncertain."