Editor's note: S&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S. administration and possible responses--specifically with regard to tariffs--and the potential effect on economies, supply chains, and credit conditions around the world. As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, we will gauge the macro and credit materiality of potential and actual policy shifts and reassess our guidance accordingly (see our research here: spglobal.com/ratings ). This report does not constitute a rating action. Key Takeaways China's carmakers have overcome a lot and will now have to overcome a little more. U.S. tariffs will add uncertainty to a sector already managing overcapacity, price wars, and a
