WASHINGTON (Reuters) – Senior U.S. and Canadian officials were set to fly to Mexico City on Tuesday to work on the final changes to a languishing North American trade pact that could clear the way for a vote in the U.S. Congress before the end of the year. U.S. House Speaker Nancy Pelosi said on Monday night she expected the final language of the U.S.-Mexico Canada Agreement (USMCA) to be set by Tuesday, which would bring Democrats to a “moment of truth” on whether to proceed to passage.
WASHINGTON — Two Chinese producers of off-the-road tires did not sell their products at less than fair value in the U.S. between Sept. 1, 2017, and Aug. 31, 2018, the U.S. Department of Commerce ruled.
U.S. manufacturers are investing less in their factories and workforces as the trade dispute with China makes it more difficult for executives to anticipate costs and demand.
The shifting contours of the tariffs that the U.S. and China have applied to each other’s goods are prompting some companies to put business plans on hold. Others are cutting back investments as trade volumes and economic growth slow around the world.
Washington — Alarm bells are ringing at carmakers after the latest round of retaliatory tariffs that will hit cars exported to China from the United States. China said Friday it will impose tariffs on $75 billion worth of U.S. goods, including cars, in response to President Donald Trump’s plans to levy tariffs on $300 billion worth of Chinese goods before the end of the year.
TRAVERSE CITY, Michigan — As Magna International prepares its business for tomorrow, it’s been forced to reckon with challenges that threaten the bottom line today. This year, it scrambled to move wire harness production from China to Thailand after the Trump administration slapped 25 percent tariffs on Chinese goods. And company officials say they have been forced to consider moving production of other components.
WASHINGTON (Reuters) – U.S. Vice President Mike Pence on Tuesday said that a new U.S.-Mexico-Canada trade deal needs to be approved without delay, but Democrats and organized labor said certain provisions must first be improved. Pence told reporters he was hopeful that the U.S. House of Representatives, which is controlled by Democrats, would pass the agreement this fall. “The clock is ticking,” Pence said.
It’s already been an eventful year for the automotive industry. Let’s review some of the biggest trends and headlines we’ve seen so far and consider what the future might hold.
Shake-Ups and Industry Disruptors
We can’t discuss the industry in 2019 without mentioning tariffs, so let’s start there.
The U.S. and China have made a lot of noise by threatening to impose new or raise existing tariffs on automobiles. The potential of higher costs is affecting factories worldwide, and the situation is made more complex by the fact that many auto makers have plants in countries other than their home base (for example, GM builds cars in China; BMW in the U.S.; VW in Mexico).
In 2018, the German plastics and rubber machinery manufacturers generated a turnover plus of 2% again compared to the previous-year period. “The growth rate of 3% originally predicted for 2018 could not be reached. Nevertheless, we are pleased about the positive all-year results as in particular towards the end of the year, deterioration of the market became already apparent”, explains Ulrich Reifenhäuser, Chairman of VDMA Plastics and Rubber Machinery.