BMW CEO Advocates for Reduced Tariffs in EU-US Trade Dispute
The head of the German automobile manufacturer BMW, Oliver Zipse, has called for a reduction in tariffs on imported vehicles between the European Union and the United States. Zipse made the suggestion during a discussion with the German newspaper Welt in Berlin, highlighting the need for fewer trade barriers.
Zipse emphasized the disparity in tariffs between the two regions, stating that the EU imposes a 10% tariff on vehicles imported from the US, while the US levies a 2.5% tariff on EU-made vehicles. He proposed a uniform 2.5% tariff on both sides, arguing that this would benefit consumers by making products more affordable and innovative.
The CEO of the German automaker, which he described as “resilient and competitive” due to its global diversification, emphasized the importance of free trade in driving economic growth and progress worldwide. He warned that tariffs, on the other hand, hinder free trade, stifle innovation and create a negative cycle.
Zipse plans to present his proposal to EU Commission President Ursula von der Leyen on Thursday and will participate in the first “strategic dialogue” of the EU with the automobile industry.