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Daimler, the parent company of Mercedes-Benz, said profit would fall in 2018 as new import tariffs on cars exported from the United States to China.
The company said the tariffs would hurt sales of high-margin Mercedes-Benz sports utility vehicles.
Daimler’s revised forecast comes as U.S. President Donald Trump is proposing to impose tariffs on imported vehicles on grounds that trade imbalances on many products threaten U.S. national security.
He is separately promising to impose tariffs on up to $200 billion of Chinese goods.
FRANKFURT (Reuters) – Daimler on Wednesday said profit would fall in 2018 as new import tariffs on cars exported from the United States to China would hurt sales of high-margin Mercedes-Benz sports utility vehicles.
Daimler earnings before interest and taxes (EBIT) would now be slightly below the previous year’s level, rather than slightly above, the company said in a regulatory filing late on Wednesday.See the rest of the story at Business Insider
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