The VDMA argues that even in its current form, the trade deal will cost German carmakers billions every year. Well, they're not wrong. Trump's tariffs have already made their mark as we got to see with Volkswagen's dismal Q2 earnings last week. The 15% tariffs will not be as punchy as before but it will still bite at the outlook for Germany's auto sector.
Germany's industry association says US and EU must not make trade deal the new normal
- 15% baseline tariffs will help to avoid risking escalation but it's still not ideal
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