Germany’s automotive industry association, VDA, welcomed the U.S. decision to lower tariffs retroactively from August 1 but emphasized that exporters still face significant trade hurdles.

Volkswagen Group CEO Oliver Blume said Monday that U.S. tariffs have already cost the automaker several billion euros, with the luxury Porsche brand particularly hard hit.

General Motors exceeded Wall Street’s expectations for the first quarter but is revising its financial guidance for 2025, citing anticipated cost increases and uncertainty surrounding Donald Trump’s ongoing auto tariffs.

Canada has formally lodged a complaint with the World Trade Organization (WTO) over the United States imposing a 25% import tariff on Canadian automobiles and auto parts.

Mercedes-Benz Group AG is contemplating the withdrawal of its least expensive cars from the U.S. market, as President Donald Trump’s 25% auto tariffs are expected to make sales of lower-priced models, like the GLA SUV, economically unfeasible.

Worries about throttled global trade and a hit to auto industry profits sent shares of car makers tumbling and drove markets broadly weaker on Thursday after President Donald Trump put a wall of tariffs around the U.S. auto sector.