Thyssenkrupp’s shares slumped Thursday as the struggling German industrial giant slashed its sales forecasts due to weak demand amid US President Donald Trump’s tariff onslaught.

The group, whose products range from steel to car parts and submarines, said it now expects sales to fall by five to seven percent in the current fiscal year.

This compared to a previous forecast of a drop of up to three percent.

Thyssenkrupp’s shares plunged seven percent on the Frankfurt Stock Exchange following the announcement.

The group has long been struggling, particularly as its traditional steel business faces competition from Asia, but the turmoil triggered by Trump’s tariffs have worsened its problems.

“The past quarter was characterised by enormous macroeconomic uncertainty,” said Thyssenkrupp CEO

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