German carmaker BMW said on Friday it expected tariffs to cost it 1 billion euros ($1.09 billion) this year, while European officials warned the U.S. economy would be the biggest loser if President Donald Trump pursues an "idiotic" trade war.

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.

Renowned automaker BMW has projected a whopping €1 billion hit to earnings for the year 2024. The company's CEO Oliver Zipse blamed the forecast on rising trade tariffs, including EU duties on its China-manufactured electric vehicles (EVs) and newly imposed US tariffs.