The challenges facing German carmakers just got stiffer with Friday's start of a much steeper import tariff on U.S. car exports to China. The tit-for-tat trade move will hurt BMW and Daimler the most.
BMW said Friday that it will be unable to "completely absorb" a new Chinese 25 percent tariff on imported U.S.-made cars and light trucks and will have to raise prices on the vehicles it makes in Spartanburg, S.C.
The U.S. ambassador to Germany told German automakers that President Trump could abandon threats to impose tariffs on light vehicles imported from the European Union in exchange for concessions, Reuters reported Thursday, citing an industry source.
BMW and Hyundai are the latest automakers to urge the U.S. not to impose tariffs on auto imports, joining GM in pressing their case, even as a top aide to President Donald Trump dismissed their concerns.