Daimler issues profit warning on back of US-China trade dispute

Mercedes-Benz maker expects the tit-for-tat tariff spat to hit car sales

The Mercedes-Benz maker Daimler has become the first major company to issue a profit warning after being hit by the escalating trade war between the US and China.

The German carmaker said on Wednesday night that it expected profits this year to be “slightly below the previous year’s level”. It had previously pencilled in a slight rise.