German carmakers say potential punitive U.S. tariffs on European car and part imports are casting a large shadow over the industry.
Alongside seismic structural shifts taking place in the car industry including electrification and autonomous vehicles, German carmakers say that the potential for punitive U.S. tariffs on European car and part imports are casting a large shadow over the industry.
China retaliated in kind, quickly leading to a tit-for-tat escalation in billions of dollars' worth of tariffs on one another's imports. Trade negotiations are currently taking place between China and the U.S. with sources telling CNBC on Monday that a trade deal could be reached later this month. Meanwhile, the BMW CEO said that the auto industry created wealth, investment and jobs and that it could do this thanks to free trade policies.
Schot was concerned about a slowdown in car sales in China, however, noting that"the only thing we're concerned about is what's happening in China, we see some sluggish markets at the beginning of the year."
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