BMW: Trade Restrictions Hurt Growth, Jobs Around the World
By William Boston
BERLIN--German luxury car maker BMW AG (BMW.XE) said Friday that any trade restrictions hamper growth and jobs around the world and that it was evaluating the impact of U.S. tariffs on steel and aluminum on BMW's operations.
BMW operates a factory in Spartanburg, S.C., where it builds sport-utility vehicles for export world-wide. The company said 70% of the annual steel consumption needed for production at the plant comes from U.S. sources. BMW said it aims to boost the share of U.S. steel to 100% in the future as part of a general policy to use local suppliers and materials.
The company declined to comment specifically on President Trump's announcement of 25% tariffs on imports of steel and aluminum.
Volkswagen AG and Daimler AG, which also make cars in the U.S., declined to comment.
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(END) Dow Jones Newswires
March 02, 2018 12:01 ET (17:01 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.