BMW's CEO, Oliver Zipse, anticipates a reduction in Donald Trump's tariffs on foreign car imports by July, following a 25% drop in the company's profits. Amid challenges such as strong competition in China and the ongoing trade war, Zipse noted that tariffs could potentially cost BMW about 1 billion this year. He emphasized the importance of free trade and called for zero tariffs, arguing that trade conflicts benefit no one. BMW asserts its resilience in the face of tariffs due to its production facilities in both the US and China.
In trade conflicts, nobody wins. All sides should avoid a spiral of isolation and trade barriers, Zipse said. He called for zero-zero tariffs deals amid challenging trading conditions for car manufacturers.
Zipse also stated that he expects a return to lower tariffs between the US, Canada and Mexico, previously a free-trade zone under a deal he signed, due to the high costs involved.
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