Markets
GM warns against potential vehicle tariffs
Some analysts suggested the vehicle tariffs are meant to pressure Mexico into renegotiating the NAFTA trade pact. The tariffs could hike vehicle prices and reduce sales, GM said. The administration used the same legal justification to impose tariffs on steel and aluminum imports this spring. "Ultimately, this cost will likely be passed along to consumers in the form of higher prices", the ... [Full Article...]
Canada tariffs on $12.6B of US goods take effect
Lopez Obrador's opponents have suggested his election will create more tension with Washington at a time when relations are already fraught by the stalled talks on reworking Nafta and by Trump's immigration policies, including a planned wall along the USA border. [Full Article...]
European Union threatens $294B in retaliatory tariffs if Trump imposes foreign auto levies
The European Commission said in a letter that they would hit $300 billion of USA goods with tariffs if needed. The European Union has reportedly threatened to retaliate against US President Donald Trump in the escalating trade conflict developing across the Atlantic. [Full Article...]
Tesco and Carrefour create strategic alliance in effort to cut prices
The French and British supermarket giants said in a joint statement that they plan to jointly purchase goods in a bid to cut costs. And last week, France's Auchan, Casino and Schiever group's said they will combine forces with Germany's Metro in purchasing. [Full Article...]
Gareth Southgate: Colombia clash is England's biggest in a decade
Belgium manager Roberto Martinez has said the Russia 2018 World Cup is "the best he has been involved in" and that the tournament has given an "incredible image of the Russian people" and the country. We have to be prepared physically and mentally to go to extra time, and beyond if that's what it takes", he said. "This is why you work technically and tactically, for big games like this". [Full Article...]
Canada hits $13 billion of US goods with new tariffs
President Trump had enraged Canada and other USA allies by declaring imported steel and aluminum a threat to America's national security and therefore a legitimate target for US tariffs. -Canada trade. The United States, in fact, a year ago enjoyed a $2.8 billion overall trade surplus with Canada. He's also blamed it for the loss of American jobs and companies. [Full Article...]
Elon Musk calls Tesla 'a real auto company'
Tesla did not immediately return a request for comment, but it confirmed the email's contents to Reuters . "Model 3 production had already significantly increased over those 6 months, but Tesla had heavily invested into a production capacity of over 5,000 units per week and it needed to get there in order to turn a profit on the vehicle program". [Full Article...]
Trump lashes Saudi Arabia for drop in Iran's oil supply
Earlier this year, to the chagrin of European partners, Trump said he would pull the United States out of the Iran nuclear agreement secured by world powers. Iran and Saudi Arabia broke off diplomatic relations in 2016 and are locked in several proxy wars in the Middle East, including in Yemen. But members did not reach a decision "to assign any allocated production level of any member to othe... [Full Article...]