Mercedes Benz parent company Daimler have issued a profit warning
The Financial Times report:
- the first major company to issue a profit warning in the wake of China raising tariffs last week amid the tit-for-tat initiated by the United States
- German carmaker expects 2018 earnings to be "slightly below the previous year's level" versus an earlier expectation that earnings would slightly rise
- Daimler citing new 25 per cent tariffs on $34bn worth of US products, including off-road automobiles effective July 6 … "Fewer than expected SUV sales and higher than expected costs - not completely passed on to the customers - must be assumed because of increased import tariffs for US vehicles into the Chinese market"