26_11_18 Auto market turmoil
Markets don't react positively upon potential unexpected events, wherever they come from.
Auto industry is no different; EV and autonomous legal affairs, taxes, tariffs....
Lets take this example as an wildcard:
Trump administration has invited the CEOs of three German automakers for talks at the White House as European and U.S. government officials try to negotiate a new trade agreement, according to people familiar with the matter.
Probably they are tentatively planning to meet with the chief executives of BMW, Daimler and Volkswagen Group after the Nov. 22 Thanksgiving holiday, one of the people said on condition of anonymity to discuss private deliberations. The executives are consulting with Berlin before their meeting with Trump administration officials, according to the people.
White House communications staff didn’t immediately respond to a request for comment.
As it can be interpreted, talks could be a way to push the European Union toward a broader trade deal. Discussions between Washington and Brussels have bogged down recently as the U.S. threatens tariffs on auto imports and the EU warns of imposing a digital services tax that could hit technology companies from Apple Inc. to Amazon.com Inc.
EU Trade Commissioner was in Washington last week to discuss a limited free-trade agreement with U.S. Trade Representative. Those talks are mainly focused on regulatory cooperation and do not deal with tariffs on autos.
WH decided last week to hold off on imposing auto tariffs for now but U.S. officials made clear to their European counterparts that the truce might not hold much longer if they fail to deliver in the trade talks with the White House, two of the people said.
Germany’s trade surplus with the U.S. has been a target US gov complaints about imbalances in the global economy. Volkswagen makes the Passat Sedan and Atlas crossover in Tennessee, BMW builds its X line of crossovers in South Carolina, and Daimler’s Mercedes-Benz produces the C-class sedans and GLS and GLE SUVs in Alabama.
So... next move.
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