The global automotive industry could miss 700 billion euros in sales (765 billion US dollars) over the next seven years due to trade war started by the U.S. government, according to estimates by the CAR.
According to Center for Automotive Research (CAR) director Ferdinand Dudenhoeffer, US-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, US trade policies could lead to loss of sales of more than 35 million cars, resulting in €700 billion of lost sales, reports Xinhua.
"Since the Chinese market is a key market for the German auto industry, the German auto industry has been severely damaged by US customs policy,” he said at the university Duisburg Essen on Wednesday.
“The behaviour of the USA is thus the opposite of alliance policy," Dudenhoeffer stressed.
