White House presses German automakers to boost U.S. investments

Volkswagen, BMW, Daimler logo

President Donald Trump pressed senior executives of top German automakers to boost their investments in the United States as the White House thinks about imposing new tariffs on European-made vehicles. German automakers stated after the meeting they informed Trump they planned to increase U.S. investments, but cautioned they would not be able to do so […]

Timing of auto tariffs depends on talks, says US Commerce Secretary

Wilbur Ross

U.S. Commerce Secretary Wilbur Ross stated that potential tariffs on automakers are aimed at encouraging companies to make more cars and other vehicles in the United States and the timing regarding any duties would depend on the success of continued negotiations. “It’s a very, very important component of the European situation,” Ross informed CNBC in […]

Senators, union press General Motors CEO on plant closings, job cuts

General Motors

General Motors CEO Mary Barra, facing increasing criticism, will meet with Ohio’s two U.S. senators on Wednesday regarding the automaker’s strategies to idle five North American plants and slash up to 15,000 jobs. Senator Rob Portman, a Republican, and Sherrod Brown, a Democrat, stated in a joint statement they are going to “press” the automaker […]

Automakers cautions U.S. tariffs will undermine new NAFTA deal

NAFTA

U.S. automakers and parts suppliers on Thursday cautioned that President Donald Trump’s steel and aluminum tariffs and threatened vehicle tariffs would undermine the advantages of the new deal to modernize the North American Free Trade Agreement, resulting in widespread job losses. At a wide-ranging hearing prior the U.S. International Trade Commission, labor representatives stated the […]

JP Morgan and Ford cancel plans to attend Saudi investor event

Photos of Ford Eco sport

JP Morgan & Chase Chief Executive Jamie Dimon and Ford Motor Chairman Bill Ford dropped plans to attend a Saudi investor conference, the companies stated on Sunday, the recent such high-profile announcements following the disappearance of Saudi journalist Jamal Khashoggi. The cancellations could increase pressure on other U.S. companies such as Goldman Sachs Group Inc, […]

Japan dodges U.S. auto tariffs as Abe and Trump agree to start trade talks

Shinzo Abe and Donald Trump

U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe agreed to start trade talks in an arrangement that, for now, secures Japanese automakers from more tariffs, seen as a significant threat to the export-dependent economy. The two countries stated in a joint statement the talks “will respect positions of the other government”, drawing lines […]

Trump metals tariffs to cost Ford $1 billion in profits, says Ford CEO

Ford logo

Steel and aluminum tariffs imposed by the Trump administration have cost Ford Motor about $1 billion in profits, its chief executive officer stated on Wednesday, where as Honda Motor stated higher steel costs have brought “hundreds of millions of dollars” in recent costs. “From Ford’s perspective the metals tariffs took about $1 billion in profit […]

Regulators received ‘wake-up call’ over fuel rules, says Fiat Chrysler

Fiat Chrysler Automobiles FCA

Fiat Chrysler Automobiles NV stated that U.S. regulators have got a “wake-up call” from automakers regarding the hurdles they face in trying to meet increasing Obama-era fuel-efficiency standards. In day two of a three-day public hearing regarding the Trump administration’s proposal to freeze fuel-efficiency standards at 2020 levels through 2026, automakers prompted regulators to continue […]