Live, rolling coverage of business, economics and financial markets as German carmakers and Aston Martin detail damage from US trade war
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Car companies around the world are laying out the cost of Donald Trump’s trade war, with Mercedes-Benz saying tariffs will cost it €362m (£313m) while German sportscar maker Porsche saying it would cost €400m.
British sportscar manufacturer Aston Martin Lagonda also said that it cut production and limited exports to the US to try to limit the financial impact.
The Trump administration raised tariffs of 27.5% on car imports from the EU and UK, causing chaos for German and British carmakers – although the EU trade deal will cut that to 15%, while the UK has secured a 10% tariff on the first 100,000 exports.
