The global automotive industry could miss 700 billion euros in sales (765 billion U.S. dollars) over the next seven years due to trade war started by the U.S. government, according to estimates by the Center for Automotive Research (CAR) at the university Duisburg Essen on Wednesday.
According to CAR director Ferdinand Dudenhoeffer, U.S-started trade war was one of the "main reasons for the drop in sales of the worldwide automotive industry".
The automotive think-tank estimated that between 2018 and 2024, U.S. trade policies could lead to loss of sales of more than 35 million cars, resulting in 700 billion euros of lost sales.
"Since the Chinese market is a key market for the German auto industry, the German auto industry has been severely damaged by U.S. customs policy. The behavior of the USA is thus the opposite of alliance policy," Dudenhoeffer stressed.