Porsche AG cut its outlook for the third time this year, with US President Donald Trump’s 15% tariffs on European autos piling further pressure on the maker of 911 sports cars.

Volkswagen's embattled luxury brand Porsche cut its full-year profitability target on Wednesday after the EU's trade deal with U.S. President Donald Trump and reported a 400-million-euro ($462 million) hit from tariffs in the first half.

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,