BMW Says Tariffs Will Cost Firm More Than $1 Billion

BMW Chief Executive Oliver Zipse tells Bloomberg that tariffs from both the United States and the EU were hitting the automaker’s bottom line.

BMW headquarters in Munich, Germany, on May 14, 2021. AP Photo/Matthias Schrader, File

BMW said on Friday that it expected tariffs to hit the company to the tune of €1 billion ($1.09 billion) this year as Brussels and Washington continue to fall out over trade.

The Bavarian carmaker is squarely in the firing line of the escalating transatlantic trade spat.