Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

BMW CEO says trade war could cost U.S. jobs

Published 10/25/2019, 06:29 AM
Updated 10/25/2019, 06:31 AM
BMW CEO says trade war could cost U.S. jobs
BMWG
-

STUTTGART, Germany (Reuters) - BMW (DE:BMWG) has told United States trade representatives, including Robert Lighthizer, that intensifying a global trade war could threaten jobs in South Carolina, Chief Executive Oliver Zipse said on Friday.

An imposition of trade barriers would hamper the ability of BMW's largest car factory, based in Spartanburg, South Carolina to export around 70% of its produce across the globe, the German executive said.

"If they do this, then we are all losers," Zipse said of his discussions, speaking at an automotive conference in Stuttgart on Friday. "I have the impression they are listening carefully. The export model sustains many jobs in the United States."

The Spartanburg plant has not had to reduce production capacity so far but any additional barriers to global trade could change that, he said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.