The tariffs imposed by Trump were seen by some as an existential threat to the auto sector. Arthur Laffer, whom Trump gave the Presidential Medal of Freedom to during his first term, said in a private analysis that the tariffs without any modifications could add $4,711 to the cost of a vehicle.

WASHINGTON (Reuters) -U.S. President Donald Trump will sign an order giving automakers building vehicles in the U.S. relief from part of his new 25% vehicle tariffs to allow them time to bring parts supply chains back home, Commerce Secretary Howard Lutnick said on Tuesday.

Sportswear giant Adidas has warned import taxes imposed by President Donald Trump will lead to higher prices in the US for popular trainers including the Gazelle and Samba. "Since we currently cannot produce almost any of our products in the US,

The chief of the German sportswear giant said that unpredictability surrounding the tariffs prevented the company from issuing a full-year forecast, but he predicted a price increase for American consumers.

Adidas AG held off from boosting its financial guidance for the year on concern over US tariffs, which will raise prices in the world’s biggest sports market and could upend the German brand’s momentum.

Porsche's margins plunged in the first quarter, the sportscar maker said on Tuesday, forcing it to cut its outlook due to weakness in its key market China, a slowing shift to electric cars and U.S. tariffs that are disrupting the global car industry.

Porsche AG expects its profit margin to slip into single digits this year, with the luxury-car maker warning about US tariffs and higher costs from weak electric-vehicle adoption.

Profits at Porsche and Volvo Cars fell sharply in the first quarter as the two European manufacturers warned of a heavy toll on the industry from Donald Trump’s trade war. The automotive industry has rushed to cut costs and protect cash flows after the US president imposed a 25 per cent tariff on all imports of foreign-made cars from early April,