European Automakers Report Profit Drop After Trump's Auto Import Tariffs

European auto manufacturers have reported a significant decrease in first-quarter profits. This downturn is partly attributed to U.S. President Donald Trump's recently imposed trade tariffs. Several companies have also suspended or lowered their financial forecasts for the year. President Trump implemented a 25% tariff on automotive imports into the U.S. in early April. On Tuesday, he signed an executive order aimed at preventing multiple duties from accumulating. This order addresses concerns about additional tariffs on steel and aluminum. While some automakers have expressed approval of this new approach, analysts remain cautious. They suggest the volatility of Trump's trade policies will likely hinder long-term investment decisions.