A U.S. tariff threat has added to the European auto industry's woes, which include strikes, factory closures, a weak economy, China competition and the CO2 problem.

A pledge by President-elect Donald Trumpto impose tariffs on products from Canada, Mexico and China sent their currencies lower against the dollar on Tuesday, renewing the specter of trade wars and fanning uncertainty in other currency pairs.

The steep import tariffs promised would be particularly painful for carmakers manufacturing in countries such as Mexico and Canada for the U.S. market.