The automakers are estimated to lose up to 17 per cent of their combined annual core profits if the US government levies tariffs on Europe, Canada, and Mexico, the report said

Analysts and experts fear the tariffs could be more damaging for European car makers and their suppliers than any direct tariffs on EU goods.

Donald Trump's proposed tariffs could raise car prices, impacting US and European automakers such as General Motors, Volvo, and Jaguar Land Rover.

Both European and American companies are expected to lose out if President-elect Trump imposes duties on imported vehicles

Carmakers in the U.S. and Europe could lose up to 17 percent of their combined annual core profits in a worst-case scenario if the U.S. imposes steep tariffs on Europe and the key U.S. allies of Mexico and Canada,