Mercedes-Benz Group AG and Porsche AG scaled back their profit expectations for the year, underscoring the toll President Donald Trump’s trade war is taking on some of Europe’s largest luxury-car makers.

Volkswagen's embattled luxury brand Porsche cut its full-year profitability target on Wednesday after the EU's trade deal with U.S. President Donald Trump and reported a 400-million-euro ($462-million) hit from tariffs in the first half.

Despite the contours of a preliminary trade deal, German automakers Mercedes and Porsche are still in a world of pain, suffering from the strain of Trump’s tariffs and shifting consumer preferences in markets like the US and China.