White House Grants One-Month Tariff Exemption for Automakers
The move follows a request from the heads of Ford Motor Co., F 5.81%increase; green up pointing triangle General Motors Co. and Stellantis STLA 9.70%increase; green up pointing triangle NV, White House press secretary Karoline Leavitt said, and would apply to autos imported through the U.S.-Mexico-Canada Agreement, or USMCA, the successor trade deal to 1994's North American Free Trade Agreement.
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U.S. senators visit Canada to build bridges as trade deadline looms
Wyden said the delegation agreed the three countries should 'reinvigorate' USMCA when it comes due for review. 'This is something that we've had a considerable amount of success with since it was written during the Trump administration, and we ought to strengthen it,' Wyden said. 'We ought to build it, not get rid of it.' This marked the second congressional delegation to visit Carney in the past three months. He's now welcomed nearly 10 percent of the U.S. Senate into his office this year — five senators in May, four more on Monday. Wyden, the ranking member of the Senate Finance committee who also leads on international trade issues, was joined by Lisa Murkowski (R-Alaska), Maggie Hassan (D-N.H.) and Catherine Cortez Masto (D-Nev.). Vamoosing the irritants Wyden applauded the prime minister's decision not to collect a digital services tax that could've raked in billions from U.S.-based tech giants that operate in Canada — but which angered Trump and many American lawmakers. But the senator wants his northern neighbors to go further, and appeared to secure a timeline to get his wish. 'I asked that Canada move as quickly as possible to get a law passed in Parliament making sure that it's gone permanently,' Wyden said. 'The prime minister was receptive to that. He said he would get on it in the fall.' The delegation also appeared to make headway on one of the most stubborn points of trade friction between the two nations: a Canadian softwood lumber sector that Americans complain is unfairly subsidized. Last week, Carney entertained the idea of export quotas that limit Canadian lumber entering the U.S. market. 'There is normally some element of managed trade that comes out of any agreement,' he told reporters, calling it a 'top priority' that he wants to fold into a larger deal with the Americans.


CBS News
an hour ago
- CBS News
Stellantis warns of $2.7 billion loss for 1st half of 2025 due to tariffs and some big charges
Stellantis, the maker of Jeep and Ram vehicles, says its preliminary estimates show a $2.68 billion net loss in the first half of the year due to U.S. tariffs and some hefty charges. The automaker anticipates an impact of about 300 million euros for net tariffs incurred, and also expects planned production losses related to implementing its response plan. The automaker provided preliminary financial figures on Monday after suspending financial guidance in April due to Trump's tariffs. It also halted production at plants in Canada and Mexico in response to a 25% tax on imported cars, and it temporarily laid off 900 workers at plants in Michigan and Indiana. Stellantis expects approximately $3.84 billion of pretax net charges mostly related to program cancellation costs and platform impairments, restructuring and the net impact of costs related to emission standards. Automakers have been penalized if the average fuel economy of their annual fleet of vehicle production exceeds a certain level. Antonio Filosa took over as CEO two months ago after Carlos Tavares resigned under pressure last year. Stellantis, which was created from the 2021 merger of France's PSA Peugeot with Italian-U.S. carmaker Fiat Chrysler Automobiles, is the world's fourth-largest car manufacturer. It is based in the Netherlands. Stellantis will release its financial results for the first half of the year on July 29. President Donald Trump signed executive orders in April to relax some of his 25% tariffs on automobiles and auto parts, a significant reversal as the import taxes threatened to hurt domestic manufacturers. Automakers and independent analyses have indicated that the tariffs could raise prices, reduce sales and make U.S. production less competitive worldwide. Trump portrayed the changes as a bridge toward automakers moving more production into the United States. The tariffs ordered by Trump are hitting the entire auto sector, which sends vehicles and parts across the northern and southern borders of the U.S. repeatedly as they are assembled. The Center for Automotive Research says that a uniform 25% tariff on all trading partners would have an increased cost of $107.7 billion to all U.S. automakers and an increased cost of $41.9 billion for the Big Three automakers in Detroit, Stellantis, General Motors and Ford. In May, General Motors lowered its profit expectations for the year as the carmaker braced for a potential impact from auto tariffs as high as $5 billion in 2025. The Detroit automaker said at the time that it anticipated full-year adjusted earnings before interest and taxes in a range of $10 billion to $12.5 billion. The guidance includes a current tariff exposure of $4 billion to $5 billion. That same month, Ford Motor said that it expects to take a $1.5 billion hit to its operating profit from tariffs this year and was withdrawing its full-year financial guidance due to the uncertainty created by the Trump administration's evolving trade policy. Ford and Tesla are expected to see a smaller impact from tariffs than GM and other automakers because they assemble more of their cars in the U.S. Still, what impact they do see won't be insignificant.
Yahoo
2 hours ago
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Mexico sees no reason for US to impose sanctions on airlines
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