Shares of European autoproducers fell after US President Donald Trump denied EU's proposal in regards to elimination of tariffs on import of cars and reminded about his threat to exit WTO, which may reshape global trade as a whole, Bloomberg reports.

Automobile and spare parts sector in Europe lost 1,7% today during morning trading session. Shares of Continental AG and Volkswagen AG suffered the most.

EU is ready to cancel all tariffs on import of US cars, if US do the same. However, the US think that duties elimination will not help American car producers, and it seems that the US is getting ready to broader trade war despite of agreements reached between Trump and the head of European Comission before.