China’s retaliation against the Trump administration’s section 301 tariffs has taken a toll on car exports. That’s particularly had an effect on BMW (SUVs) and Tesla (electric vehicles). Total U.S. exports of cars to China fell 34.7% in the third quarter. The picture was worse for electric vehicles with zero shipments in September. BMW’s CFO, Nicolas Peter, has indicated that price rises of 7% to 8% weren’t enough to offset the tariffs’ drag on earnings, which may be equivalent to 6.1% of pre-tax profits in 2019. The firm will soon decide “which model to localize” production of in China ...