In response to US president Donald Trump’s announcement of sweeping, unprecedented tariffs on every country around the world, a global trade war erupted, causing a market meltdown and significant stock value losses on Wall Street. The tariffs affected even uninhabited territories, such as Heard Island and McDonald Islands, demonstrating the far-reaching impact of Trump’s actions. The future implications of these tariffs on the global economy remain uncertain, leaving many wondering what will happen next.
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Porsche and Volvo Cars profits sink as industry reels from Trump tariffs
SummaryProfits at Porsche and Volvo Cars plummeted in Q1 due to the impact of US tariffs, with Volvo reporting a 59% drop in operating profits and withdrawing its guidance for the next two years, while Porsche's profits fell 40% amid rising costs and declining deliveries. Both companies are implementing cost-cutting measures, with Volvo launching an SKr18bn program and Porsche reducing production expansion plans. Uncertainty around trade policies continues to challenge profitability, as Porsche revised its...
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