Trade tensions between the world's two biggest economies intensified, with China vowing to retaliate "forcefully" against President Donald Trump's threatened tariffs on another $200 billion in Chinese imports.
President Trump pushed ahead with hefty tariffs on $50 billion of Chinese imports, including cars and auto parts, and a smoldering trade war between the world's largest economies ignited as Beijing replied with tariffs on 659 American imports, including light vehicles.
President Trump announced hefty tariffs on $50 billion of Chinese imports as Beijing threatened to respond in kind, in a move that looks set to ignite a trade war between the world's two largest economies.
BMW Group said its global vehicle sales fell 2 percent in May, weighed down by China tariffs and a steep drop in German registrations as cities such as Hamburg started banning older diesel vehicles from key streets.
GAC Motor, angling to become the first homegrown Chinese automaker to export light vehicles to the United States, is re-evaluating those plans after President Donald Trump's threat to level tariffs on imported vehicles.
Grammer is in talks over a deal that would allow its takeover by Jifeng Auto, a former "white knight" that helped to defend the German seat maker against aggressive intervention by the Bosnian billionaire Hastor family.
China is considering encouraging state-owned automakers to bring in private car manufacturers as investors as it seeks to create an industrial champion to compete with global companies such as Toyota and Volkswagen, Bloomberg reported.
The biggest beneficiaries of President Donald Trump's drive to get China to "play fair" on trade are automakers such as BMW and Mercedes, which export expensive sedans and SUVs from Germany and the U.S. to wealthy customers in the world's biggest market.