BERLIN: US tariffs on imported cars could lead BMW to reduce investment and cut jobs in the United States due to the large number of cars it exports from its South Caroline plant, the German carmaker has warned.
President Trump’s administration last month launched an investigation into whether auto imports posed a national security threat and Trump has threatened to impose a 20 percent tariff on all imports of EU-assembled cars.
“The domestic manufacture of automobiles has no apparent correlation with US national security,” BMW wrote in a letter to US Secretary of Commerce Wilbur Ross this week, adding that imposing duties would not increase US growth and competitiveness.
The BMW plant in South Carolina is its largest globally and ships more than 70 percent of its annual production to other export markets, the company said.
Chinese tariffs on US passenger cars, imposed in retaliation for US duties on Chinese goods, have already hiked up the cost of exporting to China, BMW said. Any US tariffs would likely lead to further retaliatory measures from China and the European Union.
In addition, higher tariffs on components imported to the United States would make other production locations outside the country more competitive.
“All of these factors would substantially increase the costs of exporting passenger cars to these markets from the United States and deteriorate the market access for BMW in these jurisdictions, potentially leading to strongly reduced export volumes and negative effects on investment and employment in the United States,” BMW said in the letter.
Two major auto trade groups, one representing BMW among others, had earlier this week said that imposing up to 25 percent tariffs on imported vehicles would cost hundreds of thousands of jobs, dramatically hike prices on vehicles and threaten industry spending on self-driving cars.
“By insulating the United States from foreign competition, there is less incentive for American companies to strive to raise their productivity and look for ways and means of producing ever better goods (and services) ever more cheaply,” BMW said.
BMW says US tariffs on EU cars may hit its investment there
BMW says US tariffs on EU cars may hit its investment there
- President Trump’s administration last month launched an investigation into whether auto imports posed a national security threat
- The BMW plant in South Carolina is its largest globally and ships more than 70 percent of its annual production to other export markets
Saudi Arabia approves over 1k chemical permits, awards 172 mining licenses
RIYADH: Saudi Arabia processed more than 1,000 chemical permit requests in November and awarded exploration rights for 172 mining sites in what the government described as its largest licensing round on record.
The Ministry of Industry and Mineral Resources said it handled 1,095 chemical clearance requests during the month, including 1,041 approvals for non-restricted chemicals and 54 for restricted substances, covering 2,081 product classifications, the Saudi Press Agency reported.
It forms part of ongoing efforts to accelerate the discovery and development of mineral resources valued at over SR9.4 trillion ($2.51 trillion), aligning with Vision 2030’s objective to position mining as the third pillar of the national industrial sector.
Ministry spokesperson Jarrah Al-Jarrah explained that the chemical clearance service enables industrial investors to obtain import or export permits for chemicals used in manufacturing through the “Sanaei” digital platform.
“He clarified that the service aims to ensure that chemical clearances for industrial facilities are granted through streamlined procedures and in a timely manner, thus serving investors and facilitating the entry of their materials through ports of entry,” the SPA report stated.
Al-Jarrah explained that the service plays a critical role in enhancing industrial output by developing and automating permit procedures for production-related chemicals as part of the ministry’s digital services.
In a separate development, the ministry announced that 24 domestic and international companies and consortiums won exploration licenses across 172 mining sites in Saudi Arabia, with 76 of those sites awarded through a multi-round public auction.
These sites span three mineral belts in the Riyadh, Madinah, and Qassim regions, with committed exploration spending exceeding SR671 million during the first two years of project implementation.
The ministry described this licensing round as the largest mining tender in the Kingdom’s history.
The competition covered more than 24,000 sq. km across regions known for strategic minerals including gold, copper, silver, zinc, and nickel.
Additionally, the ministry noted that 26 qualified companies participated through the electronic bidding platform, progressing through a transparent process that began with prequalification and culminated in competitive multi-round auctions.
The ministry confirmed that these investments aim to develop untapped exploration zones and enhance the utilization of Saudi Arabia’s mineral wealth, strengthening global supply chains.
It also announced plans to launch further exploration license tenders covering 13,000 sq. km across Madinah, Makkah, Riyadh, Qassim, and Hail, with additional opportunities to be revealed at the 5th Future Minerals Forum in Riyadh from Jan. 13 to 15.
These efforts, the ministry stated, reflect a broader mining strategy focused on maximizing resource potential, attracting foreign investment, creating employment opportunities, and integrating value chains to establish Saudi Arabia as a global mining hub.
