
-
Mitchell magic as Cavs down Clippers to bag 60th win
-
Caps' Ovechkin scores 890th goal, five shy of Gretzky's NHL record
-
Storied but sickly, historic W.House magnolia to come down
-
Lee holds off Scheffler to clinch maiden PGA win at Houston Open
-
Musk money overshadows Wisconsin court vote
-
Napoli beat Milan to stay on heels of Serie A leaders Inter
-
Bagnaia ends Marc Marquez run with 'fantastic' USA MotoGP success
-
Bagnaia wins USA MotoGP after Marc Marquez crash
-
Starc, Rana shine as Delhi and Rajasthan register IPL wins
-
Aftershocks rattle Myanmar as rescuers search for survivors
-
Dortmund beat Mainz to keep Champions League hopes alive
-
Rana, Hasaranga help Rajasthan to first season win in IPL
-
Inter six points clear in Serie A after squeezing past Udinese
-
What we know about Syria's new government
-
Dortmund beat Mainz to keep European hopes alive
-
Marmoush fires Man City into FA Cup semis after Haaland limps off
-
'Working Man' tops N.America box office as 'Snow White' ticket sales melt
-
Ajax down rivals PSV and close in on Eredivisie title
-
Trump says 'very angry' with Putin over Ukraine
-
Barca restore Liga lead in Girona romp
-
Pedersen joins elite company with third Gent-Wevelgem win
-
Trump says 'very angry' with Putin over Ukraine: NBC
-
Mads Pedersen claims Gent-Wevelgem for third time
-
Rashford double fires Villa into FA Cup semis
-
Convalescing pope says illness is universal as misses another Angelus
-
Starc bags five as Delhi beat Hyderabad in IPL
-
European orbital rocket crashes after launch
-
Chacarra claims Indian Open for first DP World Tour win
-
Sudan paramilitary chief admits withdrawal from capital
-
Argentina win first Hong Kong Sevens to mark new era at $3.85bn stadium
-
Netanyahu offers Hamas leaders Gaza exit but demands group disarm
-
Prince Harry charity rift blows up as chair makes fresh allegations
-
Arsenal appoint Berta as sporting director
-
Roglic claims Tour of Catalonia triumph with solo stage seven win
-
Myanmar junta accused of air strike even after quake
-
RB Leipzig fire coach Rose with top-four in doubt
-
RSF paramilitary chief admits forces withdrew from Sudan capital
-
Ito injury adds to Bayern's defensive woes
-
Tears, prayers in search for monks trapped by Myanmar quake
-
RB Leipzig fire coach Rose
-
Beachcomber in France hunts fragments of migrant lives
-
Iran police disperse pro-hijab protesters outside parliament
-
Agents on alert as Springbok stars of tomorrow perform
-
Myanmar quake: a nation unprepared for disaster
-
In Turkey, new technologies reinforce repression
-
Ukrainian museum moves to 'decolonise' history
-
Ukraine accuses Russia of 'war crime' with military hospital strike
-
Pentagon chief says US will ensure 'deterrence' across Taiwan Strait
-
South Korean man cleaning gravesite suspected of starting wildfires: police
-
'Something is rotten': Apple's AI strategy faces doubts

Trump tariffs to hit European automakers hard
President Donald Trump's tariffs on auto imports will deal a heavy blow to European carmakers, especially German manufacturers, which rely on the US markets for a big chunk of their profits.
The move comes as the continent's automakers have already seen their earnings slump in the past year, with some such as Volkswagen, Mercedes or BMW struggling in another key foreign market, China.
European automakers exported 750,000 cars to the United States last years, worth in total 38.5 billion euros, according to the European Automobile Manufacturers’ Association, known as ACEA.
Starting on April 3, importers will have to pay a tariff of 25 percent for all cars produced abroad.
The tariffs could "quickly cause several billion euros in losses and put as many as 25,000 jobs in Europe at risk", according to global consulting firm Kearney.
- Ferrari price hike -
American consumers may also pay a hefty bill: Car prices could increase by as much as $10,000, according to a Bank of America analysis.
German automakers, which account for almost two thirds of European exports, would be badly hit.
"A 25 percent tariff will be quite damaging for Germany, where auto exports to the US account for close to half a percent of value added in the economy," said Andrew Kenningham, chief European economist at Capital Economics research firm.
"These sales could plausibly fall by 50% or so," he added.
The German automakers association, VDA, said the tariffs send "a fatal signal for free trade" as they will "place a significant burden on businesses and global supply chains".
Credit ratings firm Moody's said last month that automakers could absorb some of the tariff costs through their existing prices.
This would be easier for pricier and more profitable models, but the size of the tariff leaves little space for profit margins.
Italian sportscar maker Ferrari said Wednesday that, after the tariffs come into force, it would increase prices by up to 10 percent for models excluding the Ferrari 296, SF90 and Roma.
- Relocate? -
Porsche and Audi, luxury brands that are owned by Volkswagen, are all made outside of the United States.
The VW group could decide to relocate production of some vehicles to plants used to assemble its other brands in the United States, but such a move would take time.
BMW and Mercedes export sedans from Europe to the United States, but they also have factories in Alabama and South Carolina, where they produce sport-utility vehicles that are prized by American consumers.
These SUVs would avoid US tariffs, but the US-made models are also exported abroad, exposing them to possible retaliatory duties.
BMW said Thursday that there would be no benefits to a trade conflict, urging Europe and the United States to rapidly reach a deal.
Mercedes called for an end to reciprocal tariffs.
The Stellantis group, which owns US brands Jeep, Dodge and Ram along with French auto company Peugeot and Italy's Fiat, makes most of its sales in Europe but earns its biggest chunk of profits in North America.
Stellantis has factories in Mexico and Canada, but it would be less affected by the US-EU trade spat as it exports few made in America Jeeps to Europe and few Fiat, Alfa Romeo and Maserati cars to the United States as well as, ironically, the US-marketed but Italian-made Dodge Hornet.
Volvo Cars, which is owned by China's Geely Group, sells popular SUVs in the United States that are made in South Carolina since 2015.
Volvo Cars CEO Jim Rowan told CNBC last month that the company was preparing itself "to see whether we need to start looking at production relocation or even supplier relocation to different parts of the world".
F.Schneider--AMWN