Under pressure from U.S. President Donald Trump's tariffs, Volvo Cars' new CEO Hakan Samuelsson is juggling the task of working with Chinese majority owner Geely [RIC:RIC:GEELY.UL] to cut costs with attempting to keep selling cars to U.

Volvo Car AB is embarking on an 18 billion Swedish kronor ($1.87 billion) cost cutting program to counter tepid demand and trade tensions weighing on the auto industry.

Volvo Group said its so-called "cost and cash action plan" would include reductions in investments and redundancies at its operations across the globe.