German carmaker BMW said on Friday it expected tariffs to cost it 1 billion euros this year, while European officials warned the U.S. economy would be the biggest loser if President Donald Trump pursues an “idiotic” trade war. BMW is directly in the firing line of the escalating trade spat between Washington and the European Union. U.S. President Trump has increased tariffs on U.S. steel and aluminium imports and imposed a 25% duty on some vehicles from Mexico, including BMW’s, and threatened more tariffs on the EU, which he has called “hostile and abusive”.Read More
