MUNICH (Reuters) -U.S. tariffs have cost Volkswagen, Europe's largest carmaker, billions of euros so far, its chief executive said on Monday, adding that its key brand Porsche was being squeezed in a "sandwich" of duties and a weak Chinese market.

"Up to now, it's several billion euros on our balance sheet that this situation costs this year," Oliver Blume told Reuters during the IAA Munich car show.

Like its rivals, Volkswagen is still waiting for current U.S. auto import tariffs to fall to 15% from 27.5% currently, severely hitting its Porsche and Audi brands that have no production in the United States.

Blume said it was more important how the tariff situation would play out in the future, also pointing to discussions the carmaker is holding with the U.S. government around tax breaks for planned investments.

That includes a possible local production plant for Audi, a decision that is planned to be made by the end of the year.

Blume, who also serves as CEO of Porsche, said the luxury sportscar maker was in a "sandwich position more than any other automotive manufacturer" as its two biggest markets - China and the United States - were either faltering or hit by tariffs.