German automaker Volkswagen says that it's nearing a trade deal with the U.S. to provide relief from Trump administration tariffs that have slowed profits for European companies since April.

President Trump initially hit European cars and auto parts with 27.5% tariffs, before agreeing to lower the rate to 15% as part of a trade deal between the U.S. and EU announced in late July. According to The Guardian, VW CEO Oliver Blume said at a September 8 trade show in Munich that U.S. tariffs have cost the company "several billions" of euros, and that even the lower rate would "still be a burden."

"We don’t appreciate the asymmetric deal between the U.S. and EU, because it’s distorting the competition in Europe," he said, noting that luxury brand Porsche has been particularly impacted, given that the models are almost entirely manufactured in Germany, compared to other VW cars that are assembled at facilities in the U.S.

Blume went on to describe ongoing talks with the Trump administration as "very positive," as part of an effort to secure a standalone deal that would lower VW's tariff rate below 15%, in exchange for the company committing to sizable manufacturing investments in the U.S. That could include localizing the production of Audi vehicles, and expanding exports out of the U.S.