BMW expects €1-billion hit to earnings as tariff war escalates, CEO says

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Open this photo in gallery: The headquarters of German car maker BMW, in Munich, southern Germany, on May 20, 2022.CHRISTOF STACHE/AFP/Getty Images BMW expects trade tariffs to cost the car maker €1-billion ($1.09-billion) this year, its CEO said on Friday, factoring in EU duties on its China-made EV and newly imposed U.S. tariffs which are upending global trade. The premium car maker expects its earnings margin for cars to be 5-7 per cent in 2025, below an LSEG consensus estimate of 7.3 per cent, dragged down one percentage point by the impact of tariffs already imposed by March 12. Chief...