Germany’s mighty automakers wasted little time on Wednesday in voicing concern that Donald Trump’s election as U.S. president may damage trade, and with it their business.
“It is to be feared that the United States under a new president, just like China, will mainly focus on their own economy at the expense of international trade flows,” said the VDA, an association representing Volkswagen (VOWG_p.DE) , BMW and Daimler along with other manufacturers and suppliers.
Trump’s surprise victory will rattle groups including BMW that have invested heavily in Mexican production to serve the U.S. market – as well as posing a potential threat to investments by Renault and PSA in Iran.
During his campaign, the real-estate tycoon pledged to unpick the North American Free Trade Agreement (NAFTA) as well as a breakthrough nuclear pact with Tehran, saying both were among the worst deals ever made.
Volkswagen (VW) boss Matthias Mueller said in Munich he hoped Trump’s election would not prove “more detrimental” to the company, as it negotiates a costly U.S. civil settlement after admitting it cheated emissions tests.
Source: http://www.reuters.com/article/us-usa-election-germany-autos-idUSKBN1341OG
