Economics

“Hard” Brexit Cost to Carmakers: $3.8 Million Per Hour

June 25, 2019 at 11:01 AM

Exiting the European Union with no trade deal will cost the British auto industry £3 million ($3.5 million) per hour, warns the Society of Motor Manufacturers and Traders.

Tesla Wins Tariff Exemption Aluminum from Japan

June 25, 2019 at 2:32 AM

Tesla Inc. has been granted a waiver from paying a 10% import duty on aluminum from Japan, Reuters reports.

Bank of England Expects No Growth for U.K. in 2Q

June 20, 2019 at 3:32 PM

The Bank of England has trimmed its growth forecast for Britain’s economy in the current quarter to zero from 0.2%.

Fed Leaves Interest Rates Unchanged, For Now

June 20, 2019 at 12:09 AM

The Federal Reserve voted late Wednesday to leave its benchmark lending rate unchanged at 2.25%-2.5%. But the central bank also signaled strongly that it will lower the rate later this year if the economic outlook dims.

U.S. Trade Chief Predicts Quick Solution on NAFTA Update

June 20, 2019 at 12:00 AM

U.S. Trade Representative Robert Lighthizer says he can easily resolve concerns Democrats have over the proposed successor to the North American Free Trade Agreement.

Growth in China’s Industrial Output at 17-Year Low

June 14, 2019 at 8:58 AM

The pace of industrial output in China slumped in May to its slowest pace in 17 years, according to National Bureau of Statistics.

Trump, Trudeau to Discuss Trade Pact Next Week

June 14, 2019 at 4:25 AM

Canada Prime Minister Justin Trudeau will meet with President Donald Trump on June 20 to discuss ratifying their countries’ updated trade deal with Mexico.

Fuel Prices Poised to Plunge in U.S.

June 11, 2019 at 1:50 AM

Gasoline prices in the U.S., which have been sliding for a week, could drop another 16 cents per gallon this week, Bloomberg News reports.

Trump Threatens Even Higher Levies on Chinese Goods

June 11, 2019 at 1:03 AM

President Donald Trump told reporters yesterday that he may hike tariffs on $300 billion worth of Chinese goods above 25% unless China President Xi Jinping meets with him at the end of June.

Trump Revives Threat of Tariffs on Mexican Goods

June 10, 2019 at 6:58 PM

Three days after declaring his threatened tariffs against Mexican imports “suspended indefinitely,” President Donald Trump says he might impose them after all.

U.K. Economy Shrinks as Auto Production Slumps

June 10, 2019 at 12:03 PM

A sharp drop in vehicle production in March caused the British economy to shrink 0.4% between March and April, according to the U.K.’s Office for National Statistics.

Trump Suspends Mexico Tariff Threat

June 10, 2019 at 12:05 AM

On Friday night, President Donald Trump withdrew his widely opposed threat to impose a 5% tariff on all goods from Mexico that was to take effect today.