Sam Meredith, CNBC
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European auto giants reported a sharp drop in first-quarter profit, and many suspended or cut full-year financial guidance, partially attributing the industry pain to U.S. President Donald Trump's trade tariffs.
The corporate updates were made shortly after Trump imposed a 25% tariff on automotive imports into the U.S. in early April.
Trump sought to water down these levies on Tuesday, signing an executive order designed to prevent a range of other separate duties — such as an additional 25% tariffs on steel and aluminum — from "stacking" on top of...
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