March 8, 2018 / 10:04 AM / in a year

Germany's Continental not pleased with U.S. tariff plans

FILE PHOTO: Logo of German tyre company Continental is seen before the annual news conference in Hanover, Germany March 2, 2017. REUTERS/Fabian Bimmer/File Photo

BERLIN (Reuters) - German automotive supplier Continental (CONG.DE) voiced concerns about the possibility of an escalating trade war with the United States should the U.S. impose tariffs on steel and aluminum, its finance chief said.

“We as Continental are not at all pleased about what we are hearing from the U.S. administration and what, by and large, could be about to happen in the world,” finance chief Wolfgang Schaefer said on Thursday.

Possible tariffs on steel and aluminum imports would hardly affect Continental directly but the company could suffer indirectly if the automotive industry was hit, he said.

About a quarter of Continental’s group sales are generated in North America, evenly spread between automotive and rubber-group sales, according to company data.

Reporting by Andreas Cremer; Editing by Arno Schuetze

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