Auto Stocks Flop as Daimler Cuts Its Profit Expectations Because of the Brewing U.S.-China Trade War

Daimler became the first prominent company to cut its profit outlook due to escalating trade tensions between the U.S. and China, claiming Chinese customers will now buy fewer cars after Beijing slaps tariffs on U.S. auto imports.

The manufacturer of Mercedes-Benz cars said late Wednesday its full-year earnings excluding some items will be slightly lower than last year. Many SUVs are built in Alabama and then shipped to China. Those vehicles are now caught up in retaliatory tariffs announced...

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