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Miami Herald
11-05-2025
- Business
- Miami Herald
Detroit automakers warn UK trade deal will hurt US auto industry
The business community is taking the arrows from the trade war the U.S. launched on "Liberation Day" last month. Unlike in a traditional war, businesses are on the front lines, as they pay the 145% duties on imported goods from China and the 25% tariffs on imported vehicles. Don't miss the move: Subscribe to TheStreet's free daily newsletter The U.S. government collects the money, and businesses usually pass at least some of the cost along to consumers. The same thing happens to Chinese importers who pay that country's tariffs on the mineral fuels, oil seeds, electric machinery, aircraft, and spacecraft parts that they need from America. Despite this extra cost, tariffs are championed by numerous industries due to their long-term benefits for domestic producers. Higher prices on foreign goods due to taxes make domestically made products more attractive. "We're in a triage situation," Shawn Fain, president of the United Auto Workers union (the largest auto worker union in the country), told ABC earlier this year. "Tariffs are an attempt to stop the bleeding from the hemorrhaging of jobs in America for the last 33 years." Related: UK trade deal gives car buyers a glimpse of what the future holds Fain famously campaigned for President Donald Trump's opponent Kamala Harris during the 2024 election. If companies already produce their goods domestically, they can benefit without any extra work. So, as Trump negotiates tariff deals that lower the duties placed on foreign competitors, the short-term pain domestic producers endure becomes that much worse. On Thursday, the White House announced a trade deal with the UK, and it is ruffling feathers among some of the people backing Trump's tariff campaign back home. Image source: Shen/Bloomberg via Getty Images On Thursday, the White House announced an outline for a trade deal with the United Kingdom. The United States is the UK's largest trading partner, with business between the two countries (imports and exports) rising nearly 4% last year to £314.6 billion ($416.8 billion). The U.S. accounted for about 18% of total UK trade. Cars accounted for about 5% of the UK's total exports to the U.S. in 2024, making automotive the largest UK export to the States. In 2024, the UK exported £9.0 billion ($12 billion) worth of cars to the U.S., accounting for 24.7% of the country's total car exports. The U.S. is Britain's top trade partner in the car sector. Related: Elon Musk's Starlink is the key to avoiding U.S. tariffs American Automotive Policy Council, the automotive group representing Detroit's Big 3 automakers (Ford (F) , General Motors (GM) , and Stellantis (STLA) ), responded unhappily. "The U.S. automotive industry is highly integrated with Canada and Mexico; the same is not true for the U.S. and UK. We are disappointed that the administration prioritized the UK ahead of our North American partners," Matt Blunt, president of the AAPC, said. "Under this deal, it will now be cheaper to import a UK vehicle with very little U.S. content than a USMCA-compliant vehicle from Mexico or Canada that is half American parts. This hurts American automakers, suppliers, and auto workers." If you are a U.S.-based fan of luxury UK brands like Bentley, Jaguar, Land Rover, or McLaren, rejoice, because the deal between the two countries will make the price tags for those vehicles slightly more reasonable. The UK exported about 102,000 vehicles to the U.S. in 2024. The average cost to ship a car to the US from the UK is about £1,205 ($1,597), according to AutoShippers. Much of that cost is often passed on to the consumer. The Trump administration had placed 25% import taxes on cars coming from overseas on top of the existing 2.5% duty. That number was cut to 10% on a maximum of 100,000 vehicles; any cars exported above that level are subject to the 27.5% import tax. More Automotive news: Ford could take drastic measures to combat tariffs, leaked memo saysTesla quietly kills model it teased just last year, for nowForget tariffs; used car buyers have another reason to worry about prices U.S. automakers are hoping that this deal isn't the blueprint for future tariff negotiations. "We hope this preferential access for UK vehicles over North American ones does not set a precedent for future negotiations with Asian and European competitors," Blunt said. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
NZ Autocar
30-04-2025
- Automotive
- NZ Autocar
New Shelby GT500 in the works?
It seems Ford is gearing up for the return of the Shelby badge on its new Mustang, as several heavily disguised prototypes have been spotted near the company's Dearborn, Michigan, headquarters—signalling the early stages of testing for the new Shelby GT500 . The test mules are based on the Mustang Dark Horse, the current top-tier performance model introduced with the seventh-generation Mustang in 2024. These prototypes sport a number of modifications that hint at something far more potent lurking beneath the surface. Read more The Shelby GT350 Mustang is back The most obvious changes are up front. The prototypes feature a reworked fascia with enlarged air intakes and prominent radiators, suggesting the need for additional cooling—likely due to a powerful new engine. The front wheel arches are also subtly reshaped, seemingly to accommodate wider tires, while camouflage at the rear hints at further performance upgrades yet to be revealed. Adding to the intrigue are the wheels: the mules are rolling on either the last-gen GT500's standard wheels or the ultra-lightweight 20-inch carbon-fibre wheels from the Carbon Fiber Track Package. Tyre choices vary, with some cars shod in Michelin Pilot Sport Cup 2 R rubber, and others in Pirelli P Zero R tyres—both upgrades over the Dark Horse's standard P Zero Trofeo RS setup. Interestingly, Ford engineers have included a cheeky decal on the front fenders—a cartoon mule kicking its hind legs—marking these as official test vehicles. The timing of these sightings aligns with a rumoured internal memo from the United Auto Workers union, which leaked online last month before being swiftly deleted. According to the document, the Dearborn Engine Plant will begin building a new engine for the 2026 Shelby GT500, referred to by the codename 'Legend.' While Ford hasn't confirmed details, this engine is expected to at least match—if not exceed—the previous GT500's monstrous 560kW and 850Nm figures from its 5.2-litre supercharged V8. Though the test cars still resemble the current Dark Horse in many areas, the production version of the new Shelby GT500 is likely to receive further styling tweaks, including a revised grille, unique hood, and aggressive aerodynamic add-ons befitting its performance pedigree. Expect the new Shelby GT500 to make its official debut sometime ahead of its anticipated 2026 arrival—bringing back a legendary name with what could be the most powerful road-going Mustang yet.
CBS News
29-04-2025
- Automotive
- CBS News
Trump returning to Michigan to mark first 100 days in office
President Trump is coming to Michigan on Tuesday to mark 100 days since taking office. The second-term president will speak at Macomb Community College in Warren on Tuesday. The speech will begin at 6 p.m., with doors opening at 1:45 p.m. This will be the president's first visit since taking office. The president snatched Michigan, along with all of the other battleground states, in the 2024 election. Michigan voted for Mr. Trump in 2016 but turned blue when it voted for former President Joe Biden in 2020. Additionally, Trump also won Dearborn, making him the first Republican presidential candidate to win the city since former President George W. Bush. Since taking office, he has implemented multiple tariffs, including on foreign-made cars and auto parts, which received praise from United Auto Workers union President Shawn Fain. When did Trump last visit Michigan? Before being elected, he visited the Grand Rapids area on the eve of the 2024 election — the same place he visited the night before the 2016 and 2020 elections. This isn't the president's first time in Macomb County; he spoke at the college two times just before the election and also visited Dearborn, Michigan, to appeal to Arab American voters. The president won Macomb County by nearly 70,000 votes. Other communities he visited last year included Novi, Howell, Traverse City and Detroit, where he was criticized for remarks about the Motor City. "The whole country will be like — you want to know the truth? It'll be like Detroit," Mr. Trump said during his speech at the Detroit Economic Club in October. "Our whole country will end up being like Detroit if she's your president." Federal, state, and local leaders reacted to Trump's remarks, including Mayor Mike Duggan, who said, "Lots of cities should be like Detroit. And we did it all without Trump's help." Mr. Trump is expected to discuss executive actions taken so far in his current term, including deportations. How to watch President Trump's first 100 days remarks What : President Trump delivers remarks in Warren, Michigan President Trump delivers remarks in Warren, Michigan Date: Tuesday, April 29 Tuesday, April 29 Time: 6 p.m. ET 6 p.m. ET Location: Macomb Community College, Warren, Michigan Macomb Community College, Warren, Michigan Online stream: Live on the player above and on your mobile or streaming device
