President Donald Trump’s tariffs cost German auto giant Volkswagen about $1.5 billion over the first half of 2025, the company said on Friday. Sales in North America plunged 16% due primarily to U.S. tariffs, said Volkswagen, which owns a host of brands including Audi, Lamborghini and Porsche.

The German automaker said that U.S. import duties erased about $1.5 billion from its profit in the first half of the year, and it lowered its forecasts for the full year.