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 automaker expects earnings to remain flat this year while sales will grow only slightly as a result of global trade tensions and a demand shift in China.

BMW on Friday warned that new tariffs could cost it as much as 1 billion euros ($1.09 billion) this year, as tensions heat up between Europe, the U.S. and China.