Tariffs already showing up in company results
Auto makers reported weaker first‑quarter deliveries with China and North America hit; Audi’s Q1 deliveries fell 6.1% and Volkswagen reported a 4% drop, with tariffs and weak China demand cited. Pharmaceutical trade sources also warn that new U.S. tariffs create uncertainty for Chinese firms with FDA‑approved drugs ( ).
Tariffs are starting to show up in company numbers, with Volkswagen and Audi reporting weaker first-quarter vehicle deliveries as China and North America softened. (usnews.com) Audi said on April 13 that first-quarter deliveries fell 6.1% to 360,106 vehicles. China, its largest market, dropped 12% to 127,109 vehicles, and North America fell 27% to 35,464. (usnews.com) Volkswagen Group said the same day that global deliveries fell 4% to 2.02 million vehicles in January through March 2026. The company said deliveries dropped 15% in China and 13% in North America. (volkswagen-group.com) Volkswagen said Europe was stronger, with deliveries up 4% in Western Europe and 8% in Central and Eastern Europe, partly offsetting declines elsewhere. The group also said battery electric vehicle deliveries fell 8% worldwide to 196,681 vehicles. (volkswagen-group.com) Both carmakers tied part of the North America weakness to United States tariffs that took effect in April 2025. Volkswagen said the higher tariffs had an additional effect in the United States, where its battery electric vehicle deliveries fell 80% in the first quarter. (volkswagen-group.com) China was a second drag. Audi said the market was hit by a broader automotive slowdown, the end of Chinese government subsidies and model changes, while Volkswagen said competition and a declining market cut group deliveries there. (usnews.com; usnews.com) The tariff story is spreading beyond cars. On April 2, President Donald Trump issued a proclamation on pharmaceutical and pharmaceutical ingredient imports after a Section 232 national security investigation by the Commerce Department. (whitehouse.gov) The White House said the United States produced only 15% of patented active pharmaceutical ingredients by volume for the domestic market, and said about 53% of patented pharmaceutical products distributed in the country were made abroad as of 2025. (whitehouse.gov) Citeline’s Pink Sheet reported on April 8 that United States 100% drug tariffs were hanging over Chinese innovative drugs already approved by the Food and Drug Administration. The publication’s April 13 roundup said the tariffs were creating market-access uncertainty for Chinese-origin medicines. (insights.citeline.com) The early company reports point to the same pattern: tariffs are no longer only a policy announcement in Washington. They are now being cited in delivery data, product planning and market-access calculations across autos and pharmaceuticals. (usnews.com; volkswagen-group.com; insights.citeline.com)
