BMW boss predicts Trump’s 25% tariffs on foreign cars will be lowered by July

The BMW CEO, Oliver Zipse, said he expected a return to lower tariffs between the US, Canada and Mexico because the ‘costs are far too big for everybody’. Photograph: Héctor Retamal/AFP/Getty Images

The boss of BMW has predicted that Donald Trump’s import tariffs on foreign cars will be lowered this summer, as the German carmaker reported profits for the first three months had tumbled by a quarter.

Oliver Zipse, BMW’s chief executive, said he expected that Trump’s 25% tariffs on the import of foreign cars would be dropped by July.