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VW Says U.S. Car Tariffs Would Cost It $2.8 Billion
Volkswagen Group profits would fall by as much as €2.5 billion ($2.8 billion) if the U.S. hikes its import tariffs on cars to 25%, says CEO Herbert Diess.
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Volkswagen Group profits would fall by as much as €2.5 billion ($2.8 billion) if the U.S. hikes its import tariffs on cars to 25%, says CEO Herbert Diess.
“It’s a pity” because the auto industry is powerless to resolve the threat, he tells the Financial Times. In a separate editorial, the newspaper condemns the would-be taxes as “profoundly misguided” and driven by “peculiar notions about trade.”
Austrian Chancellor Sebastian Kurz, who met with President Donald Trump yesterday, told Austrian radio broadcaster ORF that Trump appears determined to impose import tariffs on vehicles from the European Union if he doesn’t reach a trade deal he likes. Trump “really seems to have it in for Germany in particular,” Kurz said.
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