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Eater
3 days ago
- Entertainment
- Eater
Inside LIA, a New Downtown Restaurant Attempting to Redefine Artful Consumption
Chicago chefs have often explored the connection between the visual and culinary arts through creating plating or decor. LIA, opening today in River North, takes that relationship to a new level, featuring dishes that replicate the art that surrounds the diner. The restaurant will welcome a resident artist; the menu also has a QR code encouraging customers to purchase pieces. For its opening, LIA (which stands for 'life imitates art') will shine a spotlight on Laundry Room Studios. Resident artists aren't new to Chicago restaurants; places like Michelin-starred Esme have found success with the practice. But in River North, among the tourist traps, LIA hopes to carve a niche. The tasting menu tries not to take itself too seriously. A foie gras mousse with cherry gel starts the meal and is called 'I'm Not Super Hungry.' The meal closes with a Nutella tiramisu with an affixed message 'Don't Eat The Art Work,' and mimics a piece of art hung on the wall. Customers aren't bound by the tasting menu. A la carte options include small plates (like white sangria octopus), large plates (like banana leaf monkfish), and 'vegetable stuff' (like caccio de pepe with a red beet reduction). This is the first Chicago project from a metro Detroit-based company, Canvas Hospitality. There, chef Jonas Vaiciunas and co-owner Michael Mauro opened a restaurant called the Jackson, named after Jackson Pollock. The food's presentation, as you might guess, took cues from the artist. In Chicago, the space is designed by Pophouse, which is owned by Jennifer Gilbert. Her husband is billionaire Dan Gilbert. Check out the space, food, and menu below. LIA opens on Thursday, June 5. LIA , 11 W. Illinois Street, reservations via Resy . Sign up for our newsletter.
Yahoo
06-05-2025
- Automotive
- Yahoo
Trump scales back tariffs on automakers, but analysts still expect car prices to rise
As he landed in Michigan ahead of a rally in Warren, President Donald Trump and the White House released signed executive orders providing some relief to automakers from import tariffs he had imposed. One analyst, however, cautioned that the impact of auto tariffs, even with the relief, amounts to a "gut punch" for the industry. 'It's akin to having a car accident and saying, 'Oh good, it's not totaled, but it's still $20,000 worth of damage,' ' said Dan Ives, managing director of autos at Wedbush Securities. The executive orders signed April 29 put in place a complicated system of breaks on certain imports of auto parts and components for the next two years, but it gives Detroit's automakers some relief from what Trump earlier had ordered, which were 25% tariffs on all imported autos which began in April and another 25% on all auto parts set to begin by May 3. "In my judgment, it is necessary and appropriate to modify the system ... imposed to adjust imports of automobiles and certain automobile parts," one executive order signed by Trump read. "(The) modified system will more effectively eliminate the national security threat (posed by auto imports) because it will more quickly reduce reliance on foreign manufacturing and importation of automobiles and automobile parts," it continued. A separate order said that automakers would pay only up to 25% on a vehicle and its parts — and would not have to pay additional import taxes on aluminum and steel used in that vehicle, or because it was imported from Canada or Mexico. The orders also appeared to take into account auto content produced under the U.S.-Mexico-Canada, or USMCA, free trade agreement signed by Trump during his first term in office. The White House said the relief plan effectively means that any U.S.-built vehicles with 85% of their content either sourced in the United States or USMCA-compliant would be tariff-free the first year, after an adjustment outlined in the orders. That could be particularly helpful for Tesla, the electric vehicle maker run by Trump adviser Elon Musk, which has some models with U.S.- or USMCA-compliant content at or over 85%. Some metro Detroit-based models from Ford, General Motors and Jeep, which is part of Stellantis, have qualifying content in the 70%-plus range. The White House also said that in the case of a manufacturer that builds a car in the U.S. that is 50% U.S. or USMCA-compliant content and 50% imported from elsewhere, "then instead of paying the tariff on the full 50% of the imported car parts, the manufacturer effectively only pays on 35% for the first year." The break would be ratcheted down in year two and then phased out. Trump signed the initial order calling for the tariffs on imported autos and auto parts using authority given him by Congress to protect the national defense. At the time and in the April 29 order effectuating the change, he cited a national security study done some five years ago by his first aministration to justify its need. 'A little bit of help' Under a complex system, the change allows any domestic automaker to receive an "import adjustment" on imported auto parts making up no more than 15% of each vehicle's total value up to 3.75% of the total value of its fleet of U.S.-assembled vehicles. After one year, that break would be reduced to 2.5% of the total value of an automaker's fleet of U.S.-assembled vehicles on imported parts making up no more than 10% of each vehicle's total value. Trump spoke briefly during his evening speech at Macomb Community College in Warren about the change he made to the automakers' tariffs — which the industry had been calling for, saying their costs could skyrocket, hurting sales and production. "I'm giving them a little bit of a break, right?" he said. "They took in parts from all over the world. I don't want that, I want them to make their parts here. But I gave them a little bit of time... It's called a little bit of flexibility." "We gave them a little time before we slaughter them if they don't do this right," the president added. Earlier in the day, White House Press Secretary Karoline Leavitt and Treasury Secretary Scott Bessent had said Trump would be signing the order. Before leaving Washington, Trump said the orders were a transitional step, according to a news media pool report. 'It's a little bit of help,' he said. "We just wanted to help them enjoy this little transition, short-term," he said. "If they can't get parts, you know, it has to do with a very small percentage. If they can't get parts, we didn't want to penalize them." A goal is to bring parts manufacturing back to the United States. Trump had provided that autos compliant with the USMCA wouldn't face the full brunt of the tariffs, but there still had been widespread confusion as to their effect and what they would mean to supply chains that stretch around the world. Asked about the report at the news conference on April 29, Bessent acknowledged that Trump "has had meetings with domestic and foreign auto producers" and remained committed to bringing back auto production to the U.S. "We want to give the automakers a path to do that," he added. "I'm not going to go into the details of the auto tariffs relief," he added, "but I will tell you it would go substantially toward reshoring auto manufacturing." Detroit automakers express thanks Both Ford and General Motors leaders praised the expected action in statements the evening of April 28. 'Ford welcomes and appreciates these decisions by President Trump, which will help mitigate the impact of tariffs on automakers, suppliers and consumers," Ford CEO Jim Farley said. "We will continue to work closely with the administration in support of the president's vision for a healthy and growing auto industry in America. Ford sees policies that encourage exports and ensure affordable supply chains to promote more domestic growth as essential. 'As the right policies are put in place, it will be important for the major vehicle importers to match Ford's commitment to building in America. If every company that sells vehicles in the U.S. matched Ford's American manufacturing ratio, 4 million more vehicles would be assembled in America each year. The U.S. would see a windfall of new assembly and supplier factories and hundreds of thousands of new jobs.' GM CEO Mary Barra said, 'We're grateful to President Trump for his support of the U.S. automotive industry and the millions of Americans who depend on us. We believe the President's leadership is helping level the playing field for companies like GM and allowing us to invest even more in the U.S. economy,' Barra said. 'We appreciate the productive conversations with the President and his Administration and look forward to continuing to work together.' On April 29, before the order was released, Stellantis Chairman John Elkann also weighed in: 'Stellantis appreciates the tariff relief measures decided by President Trump. While we further assess the impact of the tariff policies on our North American operations, we look forward to our continued collaboration with the U.S. Administration to strengthen a competitive American auto industry and stimulate exports.' Following the announcement, Matt Blunt, the president of the American Automotive Policy Council, which represents Ford, GM and Stellantis, owner of Jeep, Ram, Chrysler, Dodge and Fiat, said the automakers appreciate that tariffs would not be layered on top of existing Section 232 tariffs on autos and auto parts. "Applying multiple tariffs to the same product or part was a significant concern for American automakers, and we are glad to see this addressed. We also welcome the import adjustment offset and the recognition of the significant economic contributions of U.S.-based automakers," Blunt said in a statement. "We will review the details of the executive order closely to assess how effectively it will mitigate the impact of tariffs on American automakers, our domestic supply chains and ultimately American consumers." Trump has said that tariffs, including those on imported autos and auto parts, are necessary to open up other countries to U.S.-made exports, increase manufacturing in the U.S., reduce trade deficits and hike federal revenues to help pay for tax cuts. American automakers, suppliers and others had argued that, as written, the immediate impact of such high tariffs going into effect suddenly would be to cripple the domestic industry with higher prices and falling sales. The Wall Street Journal and other news media outlets reported that Commerce Secretary Howard Lutnick issued a statement saying, "President Trump is building an important partnership with both the domestic automakers and our great American workers. This deal will be a major victory for the president's trade policy by rewarding companies who are already manufacturing domestically, while providing a runway to manufacturers who have expressed their commitment in investing in America and expanding domestic manufacturing.' Analyst: New vehicle prices likely to rise $5,000-$10,000 Analysts, however, offered a less glowing assessment. Ives, with Wedbush Securities, said this isn't giving the Detroit Three a break. 'It's about a 3% to 4% break in the first year, but that's breadcrumbs,' Ives said. He said the change would still raise the cost of new vehicles by $5,000 to $10,000 each. Sam Abuelsamid, vice president of market research for Telemetry Insights, said the order appears to be an attempt to address some of the problems with the tariffs as they were announced earlier, including the cost of potentially compounding tariffs. But automakers will still face higher costs, he said. "They get a little bit of relief from the total tariff bill, but the fact is you still have significantly higher tariffs than you did three months ago," he said. The upshot is that prices will increase on "pretty much every vehicle," Abuelsamid said. "Even the vehicles assembled here in the U.S. still use imported parts. Those are still going to get tariffed." He also offered a prediction. "The industry and the entire economy is in for pain," Abuelsamid said, advising consumers interested in purchasing a new vehicle to do so soon in order to take advantage of vehicle inventory that might predate the tariffs. Sam Fiorani, vice president of global vehicle forecasting at AutoForecast Solutions, said his clients are finding the order confusing and are asking him what it did some rough math and provided his estimate of its impact on a popular pickup, the Ford F-150. Fiorani said about 45% of its parts are U.S.-made. That means if the truck costs $58,000, he estimated the tariffs Ford would pay on the 55% of imported parts would be about $8,000. But if Ford applied for the 3.75% rebate, it would get back $2,200 of that, making the net tariff cost on that vehicle about $5,800. He said the math works out to be somewhat similar across an aggregated lineup. Sam Fiorani, vice president of global vehicle forecasting at AutoForecast Solutions. He projected the tariffs would still add $4,000 to $5,000 on to the average transaction price a consumer pays for a new car, which is about $50,000 now. 'The idea is to lure production and parts supplies to the U.S.,' Fiorani said. 'The window that brings them in is very short and manufacturers of most vehicles will not be able to reduce the tariff burden on these vehicles in any short period of time. If an F-150 has 40% to 45% U.S. content that means seeking U.S. suppliers for 60% of that vehicle. Manufacturers spend years finding the best suppliers, best prices and quality of parts. So to expect them to do that in the next year or two or less is a huge task.' In short, he said, 'It's a lower tariff, but by their own math, costly.' Autos Drive America, a group that represents the U.S. operations of international carmakers, said Trump should do more to relieve the tariff burden on the auto industry. 'International automakers remain committed to manufacturing in America, supporting more than 2 million jobs, producing nearly 5 million vehicles and investing billions in auto parts production,' Jennifer Safavian, CEO of Autos Drive America, said in a statement. 'Today's action by President Trump provides some welcome relief for automakers but more must be done in order to turbocharge the U.S. auto industry, including creating a pro-growth and regulatory climate for U.S. manufacturing to thrive." Patrick Masterson, lead researcher for American-Made Index, said Trump's latest order means buyers should act now because car prices will go up. 'No car is 100% American-made,' Masterson said. 'The highest U.S. parts content available today is around 75% for the Tesla Model Y, according to 2024 American-Made Index. This means many vehicles will only partially qualify for the recent tariff credit and consumers won't necessarily see cuts as a result. Bottom line, our advice to car shoppers is that if you're thinking about buying a car, start shopping now. The new policy gives automakers a bit of a cushion — but there's no guarantee that the relief will trickle down to consumers.' Contact Todd Spangler: tspangler@ Follow him on X @tsspangler. This article originally appeared on Detroit Free Press: Trump signs executive order scaling back tariffs on US automakers
USA Today
29-04-2025
- Automotive
- USA Today
Trump scales back tariffs on automakers, but analysts still expect car prices to rise
Trump scales back tariffs on automakers, but analysts still expect car prices to rise Show Caption Hide Caption Trump grants one-month tariff exemption for major automakers President Donald Trump granted a one-month tariff exemption to any autos coming from Mexico and Canada for Ford, General Motors, and Stellantis. President Trump signed two executive orders offering some "a little bit of help" to automakers facing import tariffs. The order aimed to address concerns from domestic automakers about the 25% tariffs on imported autos and auto parts. Trump announced the changes during a trip to Michigan. As he landed in Michigan ahead of a rally in Warren, President Donald Trump and the White House released signed executive orders providing some relief to automakers from import tariffs he had imposed. One analyst, however, cautioned that the impact of auto tariffs, even with the relief, amounts to a "gut punch" for the industry. 'It's akin to having a car accident and saying, 'Oh good, it's not totaled, but it's still $20,000 worth of damage,' ' said Dan Ives, managing director of autos at Wedbush Securities. The executive orders signed April 29 put in place a complicated system of breaks on certain imports of auto parts and components for the next two years, but it gives Detroit's automakers some relief from what Trump earlier had ordered, which were 25% tariffs on all imported autos which began in April and another 25% on all auto parts set to begin by May 3. "In my judgment, it is necessary and appropriate to modify the system ... imposed to adjust imports of automobiles and certain automobile parts," one executive order signed by Trump read. "(The) modified system will more effectively eliminate the national security threat (posed by auto imports) because it will more quickly reduce reliance on foreign manufacturing and importation of automobiles and automobile parts," it continued. A separate order said that automakers would pay only up to 25% on a vehicle and its parts — and would not have to pay additional import taxes on aluminum and steel used in that vehicle, or because it was imported from Canada or Mexico. The orders also appeared to take into account auto content produced under the U.S.-Mexico-Canada, or USMCA, free trade agreement signed by Trump during his first term in office. The White House said the relief plan effectively means that any U.S.-built vehicles with 85% of their content either sourced in the United States or USMCA-compliant would be tariff-free the first year, after an adjustment outlined in the orders. That could be particularly helpful for Tesla, the electric vehicle maker run by Trump adviser Elon Musk, which has some models with U.S.- or USMCA-compliant content at or over 85%. Some metro Detroit-based models from Ford, General Motors and Jeep, which is part of Stellantis, have qualifying content in the 70%-plus range. The White House also said that in the case of a manufacturer that builds a car in the U.S. that is 50% U.S. or USMCA-compliant content and 50% imported from elsewhere, "then instead of paying the tariff on the full 50% of the imported car parts, the manufacturer effectively only pays on 35% for the first year." The break would be ratcheted down in year two and then phased out. Trump signed the initial order calling for the tariffs on imported autos and auto parts using authority given him by Congress to protect the national defense. At the time and in the April 29 order effectuating the change, he cited a national security study done some five years ago by his first aministration to justify its need. 'A little bit of help' Under a complex system, the change allows any domestic automaker to receive an "import adjustment" on imported auto parts making up no more than 15% of each vehicle's total value up to 3.75% of the total value of its fleet of U.S.-assembled vehicles. After one year, that break would be reduced to 2.5% of the total value of an automaker's fleet of U.S.-assembled vehicles on imported parts making up no more than 10% of each vehicle's total value. Trump was expected to talk during his evening speech at Macomb Community College in Warren about the change he made to the automakers' tariffs — which the industry had been calling for, saying their costs could skyrocket, hurting sales and production. Earlier in the day, White House Press Secretary Karoline Leavitt and Treasury Secretary Scott Bessent had said Trump would be signing the order. Before leaving Washington, Trump said the orders were a transitional step, according to a media pool report. 'It's a little bit of help,' he said. "We just wanted to help them enjoy this little transition, short-term," he said. "If they can't get parts, you know, it has to do with a very small percentage. If they can't get parts, we didn't want to penalize them." A goal is to bring parts manufacturing back to the United States. Trump had provided that autos compliant with the USMCA wouldn't face the full brunt of the tariffs, but there still had been widespread confusion as to their effect and what they would mean to supply chains that stretch around the world. Asked about the report at the news conference on April 29, Bessent acknowledged that Trump "has had meetings with domestic and foreign auto producers" and remained committed to bringing back auto production to the U.S. "We want to give the automakers a path to do that," he added. "I'm not going to go into the details of the auto tariffs relief," he added, "but I will tell you it would go substantially toward reshoring auto manufacturing." Detroit automakers express thanks Both Ford and General Motors leaders praised the expected action in statements the evening of April 28. 'Ford welcomes and appreciates these decisions by President Trump, which will help mitigate the impact of tariffs on automakers, suppliers and consumers," Ford CEO Jim Farley said. "We will continue to work closely with the administration in support of the president's vision for a healthy and growing auto industry in America. Ford sees policies that encourage exports and ensure affordable supply chains to promote more domestic growth as essential. 'As the right policies are put in place, it will be important for the major vehicle importers to match Ford's commitment to building in America. If every company that sells vehicles in the U.S. matched Ford's American manufacturing ratio, 4 million more vehicles would be assembled in America each year. The U.S. would see a windfall of new assembly and supplier factories and hundreds of thousands of new jobs.' GM CEO Mary Barra said, 'We're grateful to President Trump for his support of the U.S. automotive industry and the millions of Americans who depend on us. We believe the President's leadership is helping level the playing field for companies like GM and allowing us to invest even more in the U.S. economy,' Barra said. 'We appreciate the productive conversations with the President and his Administration and look forward to continuing to work together.' On April 29, before the order was released, Stellantis Chairman John Elkann also weighed in: 'Stellantis appreciates the tariff relief measures decided by President Trump. While we further assess the impact of the tariff policies on our North American operations, we look forward to our continued collaboration with the U.S. Administration to strengthen a competitive American auto industry and stimulate exports.' Following the announcement, Matt Blunt, the president of the American Automotive Policy Council, which represents Ford, GM and Stellantis, owner of Jeep, Ram, Chrysler, Dodge and Fiat, said the automakers appreciate that tariffs would not be layered on top of existing Section 232 tariffs on autos and auto parts. "Applying multiple tariffs to the same product or part was a significant concern for American automakers, and we are glad to see this addressed. We also welcome the import adjustment offset and the recognition of the significant economic contributions of U.S.-based automakers," Blunt said in a statement. "We will review the details of the executive order closely to assess how effectively it will mitigate the impact of tariffs on American automakers, our domestic supply chains and ultimately American consumers." Trump has said that tariffs, including those on imported autos and auto parts, are necessary to open up other countries to U.S.-made exports, increase manufacturing in the U.S., reduce trade deficits and hike federal revenues to help pay for tax cuts. American automakers, suppliers and others had argued that, as written, the immediate impact of such high tariffs going into effect suddenly would be to cripple the domestic industry with higher prices and falling sales. The Wall Street Journal and other media outlets reported that Commerce Secretary Howard Lutnick issued a statement saying, "President Trump is building an important partnership with both the domestic automakers and our great American workers. This deal will be a major victory for the president's trade policy by rewarding companies who are already manufacturing domestically, while providing a runway to manufacturers who have expressed their commitment in investing in America and expanding domestic manufacturing.' Analyst: New vehicle prices likely to rise $5,000-$10,000 Analysts, however, offered a less glowing assessment. Ives, with Wedbush Securities, said this isn't giving the Detroit Three a break. 'It's about a 3% to 4% break in the first year, but that's breadcrumbs,' Ives said. He said the change would still raise the cost of new vehicles by $5,000 to $10,000 each. Sam Abuelsamid, vice president of market research for Telemetry Insights, said the order appears to be an attempt to address some of the problems with the tariffs as they were announced earlier, including the cost of potentially compounding tariffs. But automakers will still face higher costs, he said. "They get a little bit of relief from the total tariff bill, but the fact is you still have significantly higher tariffs than you did three months ago," he said. The upshot is that prices will increase on "pretty much every vehicle," Abuelsamid said. "Even the vehicles assembled here in the U.S. still use imported parts. Those are still going to get tariffed." He also offered a prediction. "The industry and the entire economy is in for pain," Abuelsamid said, advising consumers interested in purchasing a new vehicle to do so soon in order to take advantage of vehicle inventory that might predate the tariffs. Sam Fiorani, vice president of global vehicle forecasting at AutoForecast Solutions, said his clients are finding the order confusing and are asking him what it did some rough math and provided his estimate of its impact on a popular pickup, the Ford F-150. Fiorani said about 45% of its parts are U.S.-made. That means if the truck costs $58,000, he estimated the tariffs Ford would pay on the 55% of imported parts would be about $8,000. But if Ford applied for the 3.75% rebate, it would get back $2,200 of that, making the net tariff cost on that vehicle about $5,800. He said the math works out to be somewhat similar across an aggregated line up. He projected the tariffs would still add $4,000 to $5,000 on to the average transaction price a consumer pays for a new car, which is about $50,000 now. 'The idea is to lure production and parts supplies to the U.S.,' Fiorani said. 'The window that brings them in is very short and manufacturers of most vehicles will not be able to reduce the tariff burden on these vehicles in any short period of time. If an F-150 has 40% to 45% U.S. content that means seeking U.S. suppliers for 60% of that vehicle. Manufacturers spend years finding the best suppliers, best prices and quality of parts. So to expect them to do that in the next year or two or less is a huge task.' In short, he said, 'It's a lower tariff, but by their own math, costly.' Autos Drive America, a group that represents the U.S. operations of international carmakers, said Trump should do more to relieve the tariff burden on the auto industry. 'International automakers remain committed to manufacturing in America, supporting more than 2 million jobs, producing nearly 5 million vehicles and investing billions in auto parts production,' Jennifer Safavian, CEO of Autos Drive America, said in a statement. 'Today's action by President Trump provides some welcome relief for automakers but more must be done in order to turbocharge the U.S. auto industry, including creating a pro-growth and regulatory climate for U.S. manufacturing to thrive." Patrick Masterson, lead researcher for American-Made Index, said Trump's latest order means buyers should act now because car prices will go up. 'No car is 100% American-made,' Masterson said. 'The highest U.S. parts content available today is around 75% for the Tesla Model Y, according to 2024 American-Made Index. This means many vehicles will only partially qualify for the recent tariff credit and consumers won't necessarily see cuts as a result. Bottom line, our advice to car shoppers is that if you're thinking about buying a car, start shopping now. The new policy gives automakers a bit of a cushion — but there's no guarantee that the relief will trickle down to consumers.' Contact Todd Spangler: tspangler@ Follow him on X @tsspangler.
