The German luxury carmaker said net profits tanked by more than a third last year, and warned that 2025 was also likely to be challenging.

Trump, who imposed a wave of tariffs on China in his first term, has slapped another 20% duty on a wide swath of Chinese goods this year. Beijing, the top buyer of American agricultural products, recently imposed retaliatory tariffs of 10% to 15% on a range of U.S. exports like chicken, corn, soybeans and beef.

Long-threatened tariffs from U.S. President Donald Trump have plunged the country into a trade war abroad — all while on-again, off-again new levies continue to escalate uncertainty.