General Motors shares fell more than 7% Thursday as investors weighed the auto giant’s outsize vulnerability to the tariffs President Donald Trump announced Wednesday.

President Trump made good on his promise to impose tariffs on foreign automakers, imposing 25% duties on all cars and light trucks not made in the United States, as well as "certain auto parts." The move sent shares of GM (GM),

The S&P 500 declined 0.3% on Thursday, March 27, after the White House announced a 25% tariff on auto imports will take effect next week.