Volkswagen hopes investment pledges will lead to lower tariffs following US-EU talks.

Volkswagen CEO Oliver Blume says the German carmaker is banking on investment promises to secure lower tariffs on EU imports amid US-EU talks. Volkswagen reported a 29% drop in net profit and a 3% drop in revenue in the second quarter, but is preparing for a 15% tariff similar to the one agreed with Japan. Blume mentioned positive talks with the US government and the possible opening of an Audi plant in the US.