Daimler cut its quarterly profit amidst trade disputes between the US and China

The net profit of the German automotive company Daimler in the second quarter of 2018 was reduced to 1 billion 730 million euros from 2 billion 440 million euros for the same period last year. The decline was due to the negative impact of trade disputes and new US and Chinese customs duties on the sale of Mercedes-Benz cars. Revenue fell by 1.1% in annual terms and amounted to 40 billion 760 million euros while the analysts had predicted 42 billion 480 million euros. EBIT amounted to 2 billion 640 million euros, decreased by almost a third. The profitability of the Mercedes-Benz division decreased to 8.4% from 10% a year earlier, car shipments decreased by 1%.

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