(Bloomberg) -- BMW AG and Porsche AG led German automaker shares lower over concerns the US will hike tariffs on imported cars after Donald Trump returns to the White House.

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BMW, which reported disappointed quarterly earnings earlier Wednesday, fell as much as 6.8% in Frankfurt. Porsche, the maker of 911 sports cars, dropped to its lowest intraday value since the stock started trading more than two years ago.

Additional tariffs would hurt Germany’s automakers, which send more vehicles to the US than to any other country. The market is increasingly lucrative for them because of robust demand for large sport utility vehicles and a slower shift to EVs than in Europe, allowing them to sell more of their higher-margin combustion-engine models.

During his campaign, Trump had said he plans to slap duties on foreign-made cars shipped to the US to protect local jobs.

Mercedes-Benz Group AG declined much as 4.9%. Volkswagen AG fell as much as 4.4%.

German automakers operate several factories in the US where they produce cars both for local buyers and for export — meaning any European countermeasures could increase the fallout from a trade spat.

A conflict with the US would create yet another problem for the Germans, which are already facing tough price competition in China and muted demand in Europe.

“Trump is pursuing a distinctly protectionist agenda that relies on higher import tariffs and greater restrictions on international trade,” Clemens Fuest, president of Germany’s Ifo economic research institute, said Wednesday.

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