The entire car industry will get serious headwinds from the tariffs, but for Stellantis, the stakes are much higher,” said Pierre-Olivier Essig, a London-based equities analyst at AIR Capital.

The union rebuffed Stellantis’ request to help it persuade Trump on tariffs last week because of its concerns about laid-off workers and underutilized plants in the U.S., according to people familiar with the matter, who declined to be named because they weren’t authorized to speak publicly about the private talks.