And that's assuming the tariff increases to just 10 per cent, not 25, as Trump announced. Mercedes-Benz would lose one percentage point of margin if tariffs on cars exported to the US from Europe were raised from 2.

Europe does not have a seat at the negotiating table: the message could not be clearer from Donald Trump's special envoy for Ukraine and Russia, Keith Kellogg. This week, the US president opened discussions with his Russian counterpart Vladimir Putin – with no Ukrainians present – at a high-level meeting in Riyadh and then seemingly blamed Ukrainian leader Volodymyr Zelensky for starting the war.