Volkswagen ‘nearing US trade deal’ as it says Trump tariffs have cost it billions

Carmaker's CEO says Porsche is being squeezed by sandwich' of tariffs and weak Chinese market

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Volkswagen is closing in on a tariff deal with the US, the boss of the German carmaker has said, as it eyes up the market for affordable electric cars in Europe.

Europe's biggest car manufacturer, which also owns the Audi, Seat and Porsche brands, has been hit hard by Donald Trump's trade tariffs, announced in April. The levies, combined with a turbulent market, have already cost several billions", the chief executive, Oliver Blume, said.