World
India
German carmaker BMW has called for a swift transatlantic agreement between the European Union and the United States to avoid a damaging trade conflict, following the announcement of new tariffs on imported cars by US President Donald Trump, Reuters reported.
In a statement issued on Thursday, BMW expressed concerns about the potential consequences of a trade war, stressing that such a conflict would offer no benefits to either side. “A trade conflict between these economic regions would not have any benefits,” the company said, urging both the EU and the US to reach a deal that fosters economic growth and avoids further isolation through trade barriers.
BMW’s statement comes in the wake of Trump’s decision to impose a 25% tariff on imported vehicles, a move that has raised concerns across the global automotive industry. The company stressed that a collaborative approach between the EU and the US was essential to prevent escalating tensions that could hurt industries and consumers on both sides of the Atlantic.
“The two sides should therefore promptly find a transatlantic deal that creates growth and prevents a spiral of isolation and trade barriers,” the statement further read, according to Reuters.
As negotiations between the US and the EU continue, BMW is among several companies urging the two regions to avoid a full-blown trade war, emphasising the need for mutual cooperation to protect jobs and maintain open markets.
