BMW said newly imposed trade tariffs could dent the carmaker's earnings by 1 billion euros ($1.09 billion) this year, as escalating trade tensions between China, Europe and the U.S. take a mounting toll on global companies' finances.

BMW anticipates a 1 billion euro impact due to U.S. tariffs amidst escalating trade tensions between the U.S. and EU. The carmaker, along with EU officials, criticizes the trade war, expressing concerns over economic growth.

BMW expects trade tariffs to cost the carmaker 1 billion euros ($1.09 billion) this year, its CEO said on Friday, factoring in EU duties on its China-made EV and newly imposed U.S. tariffs which are upending global trade.

According to a new report from CNBC, the makers of the Ultimate Driving Machine said that if the USMCA guidelines remain for tariff guidelines, its imports will be subject to levi