The chief executive of BMW said the fallout from Donald Trump’s tariff war on global carmakers is being “exaggerated” as it maintained its annual forecast, bucking a series of profit downgrades across the industry.
The Munich-based manufacturer was one of the few carmakers to include the financial impact of US car tariffs in its initial forecast in March that profits would broadly match last year’s.
In May, it forecast that the higher tariffs Trump imposed on EU vehicle exports to the US would come down by July — a prediction that came broadly true as the two sides reached a deal on Sunday to reduce the tariff rate from 27.5 per cent, which includes an existing 2.5 per cent tariff, to 15 per cent.
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