MW Paccar is a big winner of Trump's tariff on heavy trucks, but so are some non-U.S. companies

By James Rogers

President Donald Trump says U.S. truck manufacturers, even those owned by foreign companies, will be protected from 'outside interruptions'

Paccar Inc., the parent of truck manufacturers Peterbilt and Kenworth, could benefit from tariffs on heavy trucks made outside the U.S.

Shares of Paccar Inc. were surging Friday as investors cheered the 25% tariff President Donald Trump said he would slap on heavy trucks made outside the U.S.

The tariff announcement is seen as a competitive boost for Washington-based Paccar $(PCAR)$. The parent of U.S. truck manufacturers Peterbilt and Kenworth has in the past indicated that tariff uncertainty was subduing the North American truck market. U.S. truck manufacturers have also been dealing with the impact of steel and aluminum tariffs.

Paccar's stock climbed 4.3% in morning trading, enough to be one of the S&P 500 index's SPX biggest gainers.

Peterbilt and Kenworth were highlighted by Trump as beneficiaries of the tariff, as were Freightliner and Mack Trucks, which are owned by foreign companies. In a post on his Truth Social network late Thursday, Trump said that the companies "will be protected from the onslaught of outside interruptions." The tariff will be imposed on Oct. 1, 2025.

Bernstein analyst Harry Martin says Paccar could be the biggest beneficiary of the tariff, while Germany-based Daimler Truck Holding AG $(DTRUY)$ (XE:DTG) could suffer the most as a result of its assembly operations in Mexico. Freightliner is a brand of Daimler Truck North America and has production sites in both Mexico and the U.S.

Mack Trucks is owned by Sweden's Volvo AB (SE:VOLV.B). The company's U.S. listed shares $(VLVCY)$ rallied 3.7%, while Daimler Truck's U.S.-listed stock fell 1.5%.

At this stage, however, there are relatively few details about the heavy-truck tariff beyond Trump's post on Truth Social. Bernstein's Martin notes that it is not explicitly clear that the tariff will apply to trucks made in Mexico that are compliant with the U.S.-Mexico-Canada Agreement. "But we assume it must be," he added. "Finally, it's also not clear if the industry-specific tariffs will come on top of the country-based tariffs."

Martin noted that some countries, including the European Union, have negotiated agreements that prevent tariff "stacking."

The White House has not yet responded to a request for comment.

Paccar shares have lost 4.1% in 2025, compared with the S&P 500 index's gain of 12.5%.

-James Rogers

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September 26, 2025 10:31 ET (14:31 GMT)

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