German auto giants report profit slumps, blame U.S. tariffs

The U.S. government raised tariffs on cars imported from the European Union by 25 percent in early April, putting German manufacturers under pressure. Although Washington and Brussels agreed in late July to lower the rate to 15 percent, the German Association of the Automotive Industry (VDA) said the new level remained punitive and warned of substantial long-term losses for the sector.

BERLIN, No