German industry hit by U.S. tariff impact, with automotive industry laying off over 50,000 people.

Impacted by factors such as the imposition of tariffs in the United States, the German automotive industry is facing a severe test. According to the latest analysis report from consulting firm Ernst & Young, the German automotive industry has lost a net of approximately 51,500 jobs in the past year, accounting for nearly 7% of all jobs, making it the most severely affected industrial sector. German media reports that the high tariffs implemented by US President Trump have led to increased prices for German goods in the American market. As a result, Mercedes-Benz, Volkswagen, and other vehicle manufacturers, as well as Bosch, Continental Group, and ZF Friedrichshafen, among other component suppliers, have announced cost-cutting plans. Porsche, on the other hand, plans to significantly reduce the scale of its battery power business.