Vehicle export patterns change in response to tariffs

At the start of his presidency, Donald Trump imposed tariffs across all nations and therefore companies selling into the US. As a result, imports into the US have been hit, but so have US exports. China responded to US tariffs by increasing its own tariffs. Unsurprisingly, trade in vehicles between the two countries has fallen. Meanwhile, China has also been hit by tariffs on electric vehicle (EV) imports into the EU, although this has seen a switch to exporting plug-in hybrids (PHEVs) instead. The automotive industry has long been used to tariffs, but it has generally worked in an environment in which tariffs were falling, not increasing. Now, the rules of the game have clearly changed.