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Daimler issues profit warning, blames U.S.-China trade war

Published 06/20/2018, 04:36 PM
Updated 06/20/2018, 04:40 PM
© Reuters. FILE PHOTO: The Daimler logo is seen before the Daimler annual shareholder meeting in Berlin,
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(Reuters) - Daimler AG (DE:DAIGn) on Wednesday flagged headwinds for its 2018 earnings mainly due to fewer-than-expected Mercedes-Benz SUV sales and likely higher costs resulting from increased import tariffs for U.S. vehicles into the Chinese market.

The automaker also said the effect of tariffs cannot be fully compensated by reallocating vehicles to other markets.

© Reuters. FILE PHOTO: The Daimler logo is seen before the Daimler annual shareholder meeting in Berlin,

The company said its profit will also be hurt by a new vehicle certification process, recall of some diesel vehicles and declining demand for its buses in Latin America.

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