Economics

No-Deal Brexit Seen as “Catastrophic” to British Auto Industry

November 28, 2018 at 2:43 AM

Damage to the British auto industry will be “catastrophic” if the U.K. leaves the European Union next spring with no trade deal, the Society of Motor Manufacturers and Traders warns.

European Union Approves U.K.’s Brexit Plan

November 26, 2018 at 12:42 AM

European Union leaders have approved the U.K.’s plan to begin an exit from the alliance at the end of March 2019.

Oil Prices Continue to Dive as U.S. Production Surges

November 26, 2018 at 12:02 AM

Oil futures dropped 8% on Friday, the largest one-day decline in more than three years, thanks to booming U.S. production of petroleum from shale.

BMW, Daimler, VW Ready for White House Meeting on Tariffs

November 26, 2018 at 12:00 AM

Germany’s Big Three carmakers are prepared to meet with U.S. trade officials to discuss trade tariffs on their vehicles—as soon as they are invited to do so, Reuters reports.

U.S. May Swap Quotas for Tariffs on Canada, Mexico Steel, Aluminum

November 23, 2018 at 10:50 AM

The Trump administration is pushing to impose quotas on imported aluminum and steel from Canada and Mexico.

U.S. Envoy Asks: Should China Be Tossed Out of WTO?

November 21, 2018 at 4:55 PM

The head of the U.S. Council of Economic Advisers asks whether a “misbehaving” China should be sanctioned by the World Trade Organization or even removed from the group.

Trump Asks German Carmakers to Discuss Trade

November 20, 2018 at 4:46 PM

President Donald Trump has invited the CEOs of BMW, Daimler and Volkswagen to the White House to discuss a trade deal between the U.S. and Germany.

Carmakers Fret Over Tariffs as NAFTA Update Deal Nears

November 19, 2018 at 1:38 AM

Carmakers are worried that the U.S. won’t drop aluminum and steel tariffs for Canada and Mexico even after the three countries sign an updated trade pact at the end of this month.

BMW Warns that “Hard” Brexit Could Lead to Plant Closures

November 16, 2018 at 12:57 PM

BMW AG says it is preparing for a worst-case “hard” Brexit when the U.K. quits the European Union next spring that could mean closing down operations in England.

SMMT: Proposed Brexit Deal a “Positive Step”

November 15, 2018 at 5:19 PM

The proposed Brexit deal from British Prime Minister Theresa May is a “positive step” toward limiting the damage to the U.K.’s auto industry when Britain exits the European Union next spring, says the Society of Motor Manufacturers and Traders.

Carmakers Warn of High Compliance Costs for Updated NAFTA

November 15, 2018 at 2:02 PM

Auto industry groups are warning that the complex local content rules proposed under the revised North American Free Trade Agreement will add costs and erode competitiveness, Automotive News reports.

Oil Prices Continue to Skid

November 14, 2018 at 1:50 AM

Oil futures have posted their biggest one-day declines in more than three years on fears of expanding suppliers and shrinking demand.