Trump Turns to Trade Fights with Congress, China, and Europe
President Donald Trump will throw himself fully into his battle to overhaul U.S. trade deals this week with special counsel Robert Mueller's Russia investigation — mostly — behind him, reports CNBC. The president won the White House in large part by pledging to crack down on foreign trade abuses and rework international agreements to boost U.S. manufacturing and protect American workers. The conclusion of Mueller's probe — and the Justice Department's decision not to charge the president with obstruction of justice — comes at a pivotal time in Trump's push to follow through on a campaign priority ahead of his 2020 re-election bid. Canadian Foreign Affairs Minister Chrystia Freeland is set to meet with U.S. Trade Representative Robert Lighthizer and undisclosed members of Congress in Washington on Monday. The Commerce Department sent a confidential report to the president last month that was expected to recommend duties on national security grounds. Read more here.
NAFTA Replacement Running Out of Room to Find Path in Congress
For President Donald Trump's new North American trade accord to become law, he'll need the help of a political rival with a track record of blocking such deals, reports Automotive News. In 2008, Nancy Pelosi was House speaker when Democratic lawmakers denied President George W. Bush's request for a vote within 90 days on a trade pact with Colombia. The rejection delayed approval of deals the Bush administration negotiated with South Korea and Panama, though all three were later ratified. Once again speaker, Pelosi will play a pivotal role for Trump's renegotiated accord with Mexico and Canada, renamed the United States-Mexico-Canada Agreement, which isn't one of her legislative priorities. It's a change of pace from the frenetic year of negotiations that led to the deal being signed by leaders from all three countries in November. "If the House doesn't want to move on this, it doesn't have to move. So it's really up to her," said Edward Alden, a trade expert at the Council on Foreign Relations. Read more here.
Carlos Ghosn's Unusual Nissan Perk: $601K Stanford Tuition Fees for His Kids
Nissan Motor Co. paid tuition for all four of ousted chairman Carlos Ghosn’s children when they attended Stanford University between 2004 and 2015, according to people familiar with the matter. According to Bloomberg, the perk was part of Ghosn’s employment contract from 1999, when he was hired as chief executive officer of the Japanese carmaker. The benefit, which isn’t common among top executives, would have been worth at least $601,000, according to fee schedules published by Stanford during the years his children were enrolled. Ghosn, 65, has been charged in Japan with under-reporting his income by tens of millions of dollars at Nissan and misusing company funds. He has denied wrongdoing and is awaiting trial on bail after spending 108 days in a Tokyo prison. The Stanford tuition adds to a list of lavish extras Ghosn enjoyed as the head of Nissan and its alliance partners Renault SA and Mitsubishi Motors Corp., including luxury residences on four continents and a wedding party at the Chateau of Versailles. Read more here.
BMW Tests Cold Weather Reliability of Its Tesla Model 3 Fighter
BMW released pictures of its i4 full-electric car undergoing extreme cold weather tests in northern Sweden The i4 will go on sale in 2021 as a rival to the Tesla Model 3, reports Automotive News. The sedan will use the automaker's fifth-generation eDrive technology, giving it a driving range of 373 miles under Europe's new WLTP testing regime, BMW said in a statement. BMW said the i4’s electric motors, high-voltage batteries, power electronics and suspension control systems were being tested for performance and reliability at its winter test center in Arjeplog, close to the Arctic Circle. The i4 will have a top speed of more than 200 kph (124 mph) and will accelerate from 0 to 62 mph in 4 seconds, BMW said. BMW tested the i4 for performance and reliability at its winter test center in Arjeplog, close to the Arctic Circle. Read more here.
Tales From the Front-Line of Auto Retail Buy/Sells
A common phrase from dealers considering a sale is “I already have identified a buyer”. Why do so many auto retail transactions fail to close, despite buyers having initially shown interest? In a recent article for Dealer Magazine, Ryan Kerrigan, Managing Director of Kerrigan Advisors, shares stories from the firm’s first-hand experience in auto retail buy/sells, and mistakes dealers often make when preparing for a sale. The recent and growing interest of private equity and outside capital in auto retail has further complicated the buy/sell space, and it is critical that dealers understand the professional capital acquisition process. For dealers considering a sale, running a confidential, professional sales process is more important than ever, or dealers risk losing their leverage and bargaining power to the buyer. Read more here.
Around the Web
Here Are 11 of Ferrari's Special Project Cars [Top Gear]
7 Super Expensive Cars That Were Abandoned [Interesting Engineering]
DeLorean Stars in Hybrid Time Machine [Automotive News]
Researchers May Have Found a Better Way to Make Hydrogen for Cars [Engadget]
