China’s top trade official said the two sides had “constructive” and “candid” discussions and agreed to keep the tariffs at current levels — the United States taxing Chinese goods at 30 percent and China collecting 10 percent on US products.

Porsche and Mercedes-Benz reported dramatic declines in profit Wednesday, hit by President Trump’s tariffs on one side of the world and a collapse in Chinese luxury sales on the other. It is “a kind of sandwich situation,

Mercedes-Benz Group AG reinstated guidance at a lower level, citing pressure from President Donald Trump’s tariffs and tough competition in China, where local brands are dominating on electric vehicles.