Volkswagen profit drops, prompting layoffs

Germany’s largest automaker reported a 53.5 percent drop in operating profit, the company’s worst result in a decade, and will be forced to lay off 15,000 employees by 2030 due to tariffs implemented by President Donald Trump. Even after current budget cuts, closures of factories and layoffs of 35,000 employees, Volkswagen Group expects revenue to stagnate or grow by a mere 3 percent at most this year. These significant consequences for a major aspect of Germany’s industry, economy and pride are causing growing animosity toward the U.S.