Shares of Indian automaker Tata Motors slid 5% on Thursday after U.S. President Donald Trump pressed ahead with a 25% tariff for all car imports into the world's largest economy, a top destination for the company's luxury cars.

JLR cars sold in the US are primarily manufactured in the UK and other international locations—all of which will now be subject to the 25 percent tariff.

Trump had pledged to levy reciprocal tariffs on all countries, including India, from April 2. However, there were expectations of some respite or waiver.