Speaking on the campaign trail in late September, Trump announced his desire to turn Germany’s auto giants into American car firms. Rico Luman, senior sector economist for transport and logistics at Dutch bank ING, said Germany’s auto sector appears to be significantly exposed to Trump’s tariff threats. The potential imposition of tariffs on Germany’s carmakers, Luman said, would therefore make a bad situation even worse. “We are evaluating the tariffs Trump has proposed,” a spokesperson for Volkswagen told CNBC via email. Nonetheless, it is thought that Trump’s proposed tariffs on Canada and Mexico would bring an end to the USMCA.

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Persons: Donald Trump’s, Trump, ” Trump, Europe wasn’t, it’s, Rico Luman, Luman, ” Luman, ” Michael Robinet, ”, Julia Poliscanova, ” Poliscanova Organizations: Union, Volkswagen, Mercedes, Benz Group, BMW, ING, Eurostat, ING Research, U.S, CNBC, Benz, P Global Mobility, Trump, Transport, Environment, America Locations: U.S, European, German, American, Savannah , Georgia, China, Canada, Mexico, Europe, Trump’s, Germany, United States, Wolfsburg, North America, Spartanburg , South Carolina