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.

The EU's trade chief Maros Sefcovic is due to speak with U.S. Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer on the spiralling tariff conflict in a call scheduled for 1030 ET (1530 GMT) on Friday.

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.