Mercedes Benz

Trump wrote a late-night tweet. China remains silent. By now everyone is aware of the ongoing trade war between the US and China. President Trump made the first strike months ago when he imposed tariffs on imported Chinese goods. China responded in kind, and its response hurt. It tacked on tariffs for US-made cars imported to China and American automakers were not happy, to say the least. However, it appears a deal of some sort has been made. Trump wrote on Twitter that “China has agreed to reduce and remove tariffs on cars coming into China from the U.S. Currently the tariff is 40%.” Little else has since been said by the president. China hasn’t said a thing. But already shares of German automakers like BMW and Daimler have rallied following Trump’s comment. Tesla will also be very happy about this deal because it desperately needs China’s business. Although it is about to begin construction of a new plant in China, Tesla will still need to import vehicles for the foreseeable future. ...

The Senate seems likely to confirm Kathy Kraninger, but Democrats are continuing to press for details on the precise role she may have played in implementing the immigration policy that separated families. Photo credit: REUTERS WASHINGTON -- The U.S. Senate Banking Committee voted on Thursday to advance President Donald Trump’s pick to head the federal consumer watchdog despite criticism from Democratic senators. Kathy Kraninger, a senior official in the Office of Management and Budget, was approved on a 13-12 party-line vote to run the Bureau of Consumer Financial Protection. She would replace Mick Mulvaney, the OMB chief who is also serving as acting director at the agency since November. Her nomination now advances to the full Senate, which has yet to schedule a confirmation vote. The Senate seems likely to confirm Kraninger, but Democrats are continuing to press for details on the precise role she may have played in implementing the immigration policy that separated families. In ...

President Donald Trump speaks to Mexico's President Enrique Pena Nieto on the phone as he makes an announcement on the status of the North American Free Trade Agreement in the Oval Office. Photo credit: Reuters UPDATED: 8/27/18 3:00 pm ET WASHINGTON -- U.S. officials reached a “preliminary agreement” with Mexico on a framework to rebalance manufacturing in North America after resolving key differences related to the cross-border movement of finished vehicles and auto parts. The tentative deal, if finalized, would increase the regional content value of passenger cars, light trucks and auto parts required to qualify for duty-free status, create a labor content value rule and tighten enforcement of rules of origin, according to the U.S. Trade Representative's Office. President Donald Trump, announcing the deal at the White House on Monday, said he would terminate NAFTA and send the tentative bilateral deal with Mexico to Congress for approval, adding that Canada might be incorpo...

President Donald Trump rejected a European Union offer to scrap tariffs on cars, likening the bloc's trade policies to those of China. “It's not good enough,” Trump said of the offer from Brussels during an Oval Office interview with Bloomberg News. “Their consumer habits are to buy their cars, not to buy our cars.” Trump's comments come just hours after Trade Commissioner Cecilia Malmstrom told European Parliament lawmakers that the EU would be “willing to bring down even our car tariffs to zero, all tariffs to zero, if the U.S. does the same.” Autos were previously excluded from the discussions that focused on manufactured products bought and sold between the two markets. Trump compared the EU to China, where the president is engaged in another escalating trade war. “The European Union is almost as bad as China, just smaller,” Trump said. Trump has ordered the Commerce Department to investigate whether light-vehicle imports imperil national security, under the same provis...