Boeing Progressing at Fastest Pace in Years on Air Force One
'As we go forward, we have been able to see our way through some of these requirements that were just physically impossible to do,' Steve Parker, the interim head of Boeing's defense business, told journalists at the Paris Air Show on Monday. 'We're just making really, really good progress.'
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Yahoo
25 minutes ago
- Yahoo
Japan trade deal sparks hope for US investors, frustration for automakers
By Nora Eckert and David Shepardson DETROIT (Reuters) -Shares of General Motors, Ford Motor, and Jeep-maker Stellantis, some of the biggest automakers in the U.S., rallied on Wednesday after news of a trade deal that will reduce tariffs on imported Japanese cars, as investors saw it as a sign of more deals to come. But the companies are not celebrating. Automakers importing vehicles into the U.S. from Japan now face a 15% levy, according to terms of the deal outlined on Tuesday by U.S. President Donald Trump, down from 27.5%. GM shares rallied 9% and Stellantis rose 12%, as market watchers said they anticipated further agreements could reduce other trade barriers that have hurt the companies' profits. Ford shares rose about 2%. The automaker is less exposed to tariffs because it produces more of its U.S.-sold vehicles domestically. On Wednesday, the European Union and United States were nearing a trade deal that would also set a 15% tariff on European imports. GM, Ford and Stellantis have been paying up to 25% on vehicles imported from Mexico or Canada, depending on how much U.S. content is in the vehicles. The companies are concerned they could soon be paying higher tariffs on vehicles assembled in Mexico or Canada than on vehicles with significantly less U.S. content made in Japan or the United Kingdom. Some lobbyists also expressed alarm that if South Korea strikes a similar deal with the U.S., it could become a low-cost market to assemble cars and trucks. "They could be the new Mexico," one lobbyist told Reuters. The American Automotive Policy Council, which represents the Detroit Three, criticized the deal, saying it creates an easier path for Japanese imports than for some cars built in North America. Even before Tuesday's deal, Detroit automotive executives raised concerns that Trump's trade policy could end up giving an edge to foreign automakers who do not invest as heavily in U.S. manufacturing. "This is a bonanza for our import competitors," Ford CEO Jim Farley said in February, when Trump initially proposed levies on Mexico and Canada, but not on major automotive centers such as South Korea. The Japan trade announcement came the same day General Motors said tariff costs knocked $1.1 billion from its bottom line, hurt by a battery of levies including 25% taxes on imports from Canada and Mexico, and 50% on steel and aluminum imports. Industry consultant and former GM executive Warren Browne said the Japan deal "put all vehicles produced in Mexico and Canada by the Detroit Three at a disadvantage' because they face higher levies than Toyota vehicles shipped in from Japan, for example. That could allow the foreign brands to undercut U.S. car companies on price. Toyota, Subaru and Mazda are among the most reliant companies on Japan-produced vehicles for their U.S. sales, and stand to benefit most from the lower tariffs, according to business-analytics firm GlobalData. Toyota imported roughly 500,000 vehicles from Japan last year. Japanese automotive stocks soared after the trade deal announcement. Autos Drive America, which represents those Japanese automakers along with other foreign car companies operating in the United States, on Wednesday praised the trade deal, saying it would lead to further factory investment in the U.S. The deal is good news for Wade Kawasaki, executive chairman of the Wheel Group, a collection of aftermarket wheel, tire and accessory companies based in California. Kawasaki said the group has been trying to break into some aspects of the Japanese market, and the lessening levies will help with that. 'There is a certain group of customers who want American-made products. Those are the ones we were going to get,' he said. Sign in to access your portfolio
Yahoo
25 minutes ago
- Yahoo
Barcelona to miss out on 30% of fee for upcoming player sale
La Liga giants Barcelona will receive only 70% of the total fee from their incoming sale of Pau Víctor. That's according to journalist Nil Solà of SER, who has on Wednesday provided an insight into the situation. The name of frontman Víctor has of course dominated the headlines in Catalunya's capital across the day to date. This comes after confirmation was forthcoming that, somewhat out of the blue, the 23-year-old is on the verge of a move to Portugal with SC Braga. Surplus to requirements in Hansi Flick's squad following the arrival of Marcus Rashford, the Barcelona board showed little hesitation in giving the green light to Víctor's sale. The figures landed upon in negotiations with Braga, it is understood, are a base fee of €12 million, and a further €3 million in bonuses. As alluded to above, though, the entirety of this sum will not land in the accounts at the Spotify Camp Nou. As per a report from the aforementioned Nil Solà: 'Girona have a 30% share of Pau Víctor's sale in this summer transfer market. Girona had agreed on 50% in the first transfer window and now have 30%.' Conor Laird – GSFN
New York Times
27 minutes ago
- New York Times
Iran Warns It Could Exit Nuclear Treaty if Europe Reimposes Sanctions
A top Iranian official warned on Wednesday that Iran could withdraw from a key nuclear nonproliferation treaty if Europe followed through on its threats to reimpose sanctions on Tehran. The remarks, from Iran's deputy foreign minister, Kazem Gharibabadi, came during a rare on-the-record briefing with reporters in New York, where he was attending meetings at the United Nations. Mr. Gharibabadi laid out his country's positions on a range of issues, setting the stage for nuclear talks with European counterparts in Istanbul on Friday. Since negotiations between the United States and Iran collapsed in June as Israel launched a wave of attacks on Iran, setting off a 12-day war, Tehran has faced additional pressure from Europe about making concessions on its nuclear program. Britain, France and Germany announced this month that they would enforce tough U.N. sanctions on Iran by the end of August if the country did not make concrete progress on a deal to limit its nuclear program. The mechanism for applying the sanctions is called a 'snapback,' and it refers to a term in the 2015 nuclear deal between Iran and world powers that allows parties to the deal to impose sanctions on Iran before the deal expires at the end of October this year if it has violated its terms. Mr. Gharibabadi, who is part of Iran's nuclear negotiating team, warned that enacting snapback sanctions would provoke Iran to retaliate, including potentially by withdrawing from the Nuclear Nonproliferation Treaty, one of the last remaining international safeguards on its nuclear program. Iranian officials have made similar threats in the past, saying the country would withdraw from the treaty if Israel or the United States attacked its nuclear sites. But even after the United States and Israel did just that during the recent war, Iran did not follow through on that threat. Want all of The Times? Subscribe.
