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Investing.com -- BMW AG is urging the European Union to formally adopt a trade agreement with the United States that would provide relief from ongoing tariff pressures affecting the German automaker.
BMW CEO Oliver Zipse told reporters in Brussels on Tuesday that while "the United States already implemented their part of the deal, retroactively, as of August 1," the EU has yet to do so.
The luxury carmaker has seen its earnings impacted by tariffs imposed by both the US and EU. German competitors Mercedes-Benz Group AG and Porsche AG have also been affected by these trade measures.
The United States represents BMW’s second-largest overseas market. The company currently faces duties when shipping Chinese-manufactured electric Mini models to the European Union.
Although the EU has signed a trade agreement with the US that would reduce tariffs, the deal still requires formal approval from EU lawmakers - a step expected to occur in early 2026. Until then, BMW must continue paying tariffs on US-made vehicles imported to Europe.
"It’s imperative that the EU also finalizes and implements the agreed measures promptly," Zipse stated, noting that BMW participated in discussions with EU and US trade officials last week.
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