BMW's CEO Foresees Manageable EU-US Auto Tariff Pact
BMW's CEO Oliver Zipse expressed optimism about a forthcoming trade deal between the EU and the US concerning auto tariffs. A potential agreement may incorporate a netting mechanism to balance imports with exports, benefiting BMW's operations. Both sides await a detailed proposal from the US administration.
- Country:
- Germany
BMW's CEO Oliver Zipse voiced optimism about an impending auto tariff agreement between the European Union and the United States. Zipse anticipates a 'manageable' outcome from the discussions, possibly involving a netting mechanism to offset imports with exports.
The potential deal might center around export value rather than vehicle count, which could significantly benefit BMW, as its largest plant is located in Spartanburg, South Carolina, according to Zipse. This arrangement could also positively affect auto parts imports.
European carmakers, facing substantial import tariffs into the U.S., are keen on minimizing their impact. Brussels has suggested measures like export and investment credits to relieve pressure, as both sides look forward to the U.S.'s proposed tariff rate letter.
(With inputs from agencies.)
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