The business climate in the German automotive industry deteriorated significantly in May, a leading economic institution reported on Tuesday. The Munich-based ifo Institute’s index measuring business sentiment fell from minus 2.4 points in April to minus 8.6 points. The companies surveyed assessed their current business situation negatively for the first time since October 2022. Car manufacturers and their suppliers remain pessimistic about the second half of the year. A strong reaction from China to the trade conflict over electric cars with Europe and the US could hit German car manufacturer…