Luxury European carmakers warn that higher prices are coming if Trump doesn't back off tariffs

Source: Business Insider

Porsche is more exposed to the US tariffs than many of its rivals, as it imports all the cars it sells in the US. CHANAKARN LAOSARAKHAM/AFP via Getty ImagesEuropean luxury carmakers Porsche and Volvo both issued fresh tariff warnings on Tuesday. The two companies reported collapsing profits as US auto tariffs batter the industry.