US automakers warn Trump of 'catastrophic' China tariff impact ahead of summit

US automakers, including Ford and Toyota, have sent a sharp letter to President Trump warning of a catastrophic scenario from escalating tariffs on China, ahead of a summit with Xi Jinping. The letter signals growing domestic pressure on Trump to soften trade stance, but the outcome remains uncertain. This matters because a potential US-China trade concession could ease global trade tensions and support risk assets.