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VW Cites “Scary” Effects of Prolonged Trade War
Volkswagen Group CEO Herbert Diess tells Bloomberg TV that trade issues have pushed an otherwise healthy car market in China into a “scary” recessionary slump.
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Volkswagen Group CEO Herbert Diess tells Bloomberg TV that worries about trade issues have pushed an otherwise healthy car market in China into a “scary” recessionary slump.
Diess (pictured) blames the U.S.-China trade war for eroding confidence among Chinese consumers, thereby cooling demand.
The International Monetary Fund says the same worries are hurting major markets everywhere. An IMF analysis shows that concerns about global trade are nearly 10 times as great as any previous peak within the past several decades, Bloomberg News says.
The fund estimates that the resulting consumer caution could depress spending and reduce global economic growth by 0.75 of one percentage point.
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