Asian car producers revealed the strains from US President Donald Trump’s tariffs on Thursday, reporting tumbling profits and a spillover effect on competition in auto markets around the world.
Japan’s Mitsubishi Motors warned of “unprecedentedly challenging conditions” due to hefty tariffs on vehicle imports to the US and rivals redirecting exports to other markets to compensate for declining sales in America.
South Korean auto giant Hyundai Motor reported a 22 per cent year-on-year drop in second-quarter net profit, as it suffered a Won828bn ($604mn) hit as a result of US tariffs.
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