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One of Europe’s largest carmakers has warned that the introduction of export duties by US President Donald Trump this year alone will cost the concern €1 billion, The Times reports.
According to the concern’s CEO Oliver Zipse, the figure he named is the most conservative forecast. However, he added, BMW’s top managers do not think that all of the tariffs will be in effect for the entire year.
As experts note, the concern may also come under attack from those countries that are preparing to respond to the US tariffs with their own. About half of the cars produced at BMW’s American plants are exported to countries such as Germany, China, Canada and the UK.