Latest news with #autos
Yahoo
2 days ago
- Business
- Yahoo
US and UK sign a trade deal, but steel imports are still in question
US president Donald Trump and British prime minister Keir Starmer said Monday that they had signed a trade deal that will slash tariffs on UK auto and aerospace industry imports — but they are still discussing how to handle steel production. "We just signed it, and it's done," Trump said, as the pair spoke to reporters at the Group of Seven summit (G7) in the Canadian Rockies, with the US president brandishing the pages of what he said was a long-awaited agreement. The rollout was anything but smooth, however, as Trump dropped the papers and said at first that his administration had reached an agreement with the European Union when he meant the United Kingdom. The president said that the pact is "a fair deal for both" and would "produce a lot of jobs, a lot of income." British prime minister, Keir Starmer, said it meant "a very good day for both our countries, a real sign of strength." Reaching this agreement is a significant step as Trump has threatened much of the world with steep import tariffs that have unsettled markets and raised the possibility of a global trade war. Related President Trump says he'll set unilateral tariff rates within weeks UK economy contracts sharply in April: Will the BoE respond? He has since backed off on many of his proposed levies but also continued to suggest that administration officials were furiously negotiating new trade pacts with dozens of countries — even if few have yet to materialise. Trump said, "the UK is very well protected" from tariffs. "You know why? Because I like them." The signing of the deal at the G7 followed Trump and Starmer's announcement in May that they'd reached a framework for a trade pact that would slash US import taxes on British cars, steel and aluminium in return for greater access to the British market for US products, including beef and ethanol. But Monday's agreement fully covers only British cars and aerospace materials, with more work to come on steel. The British government said the new agreement removes US tariffs on UK aerospace products, exempting Britain from a 10% levy the Trump White House has sought to impose on all other countries — a boost to British firms, including engine-maker Rolls-Royce. It also sets the tax on British autos at 10% from the end of the month, down from the current 27.5%, up to a quota of 100,000 vehicles a year. UK Business and Trade Secretary Jonathan Reynolds said the deal protects "jobs and livelihoods in some of our most vital sectors." Mike Hawes, chief executive of Britain's Society of Motor Manufacturers and Traders, said it was "great news for the UK automotive industry." There was no final agreement to cut the tax on British steel to zero as originally anticipated — seen as vital to preserving the UK's beleaguered steel industry. Britain's steel output has fallen 80% since the late 1960s due to high costs and the rapid growth of cheaper Chinese production. Related EU 'strongly regrets' Trump's announcement to double steel and aluminium tariffs to 50% Spring 2025 economic forecast: How much will Trump's tariffs hinder EU growth? After the two leaders spoke, the White House released a statement seeking to clarify matters, saying that with respect to steel and aluminium, Commerce Secretary Howard Lutnick will "determine a quota of products that can enter the United States without being subject" to previous tariffs imposed by the Trump administration. The British government said Monday that the plan was still for "0% tariffs on core steel products as agreed." Trump's executive order authorising the deal contained several references to the security of supply chains, reflecting the US administration's concerns about China. It said the UK "committed to working to meet American requirements on the security of the supply chains of steel and aluminium products intended for export to the United States." There was also no final deal on pharmaceuticals, where "work will continue," the UK said. The deal signed Monday also confirms that American farmers can export 13,000 metric tons (29 million pounds) of beef to the UK each year, and vice versa — though a British ban on hormone-treated beef remains in place.
Yahoo
3 days ago
- Automotive
- Yahoo
Marquis Autos: Top Car Lease Broker Celebrates 25 Years of Serving Metro New York and Long Island
New York, NY, June 19, 2025 (GLOBE NEWSWIRE) --Marquis Autos ( a premier car lease broker, proudly announces its celebration of over 25 years of serving Metro-New York and Long Island with top car leasing services. With years of industry expertise and an unmatched network of dealer relationships, the company has become the go-to solution for drivers seeking competitive rates, transparent service and a seamless leasing experience. Founded on the principles of integrity, convenience, and customer-first service, Marquis Autos has built a reputation for being a leading car lease broker by securing the best leasing deals across all makes and models. From luxury sedans to family SUVs and everything in between, clients benefit from insider access to exclusive offers, quick approvals, and customized lease plans tailored to their needs. 'Our many years in the industry have allowed us to cultivate strong relationships with dealerships across the region,' said Simon Botton, VP Sales at Marquis Autos. 'That means better pricing, faster turnarounds, and more options for our customers – without the typical hassle or high-pressure sales tactics.' Unlike traditional dealerships, Marquis Autos operates with a broker-first model that puts clients in control. By working on behalf of the customer – not the dealer – the company offers an objective, value-driven approach as a top car leasing broker that continues to win the trust of drivers from Manhattan to Montauk and the Tri-State New York Area. Whether you're leasing for personal use or building a fleet for your business, Marquis Autos delivers white-glove service from start to finish – including consultation, negotiation, paperwork, and delivery. For more information or to get a quote, visit or call (718) 880-3000. About Marquis Autos Marquis Autos is a leading car lease broker serving Metro-New York and Long Island. With many years of industry experience and direct access to dealer networks, the company specializes in securing unbeatable lease deals across a wide range of vehicles. Known for personalized service, transparency, and reliability, Marquis Autos is the smart choice for modern leasing. More Information To learn more about Marquis Autos and its celebration of over 25 years serving Metro-New York and Long Island with top car leasing services, please visit the website at CONTACT: Marquis Autos (718) 880-3000 in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Automotive
- Yahoo
Japan records trade deficit as exports suffer from Trump's tariffs
TOKYO (AP) — Japan's exports fell in May as shipments of autos to the U.S. dropped nearly 25% from a year earlier due to higher tariffs imposed by President Donald Trump. Exports fell 1.7% year-on-year, which was less than the decline analysts had forecast, the Finance Ministry reported Wednesday. Imports sank 7.7%, reflecting weakening domestic demand and worse than the 2% fall recorded in April. The trade deficit in May was 637.6 billion yen, or $4.4 billion. Japan has yet to reach a deal with Trump on resolving the tariffs issue, with Prime Minister Shigeru Ishiba saying after he met with the U.S. president at the Group of Seven summit in Canada earlier this week that the two sides were unable to agree on some points. Trump has imposed a 25% additional tariff on Japanese autos and a 24% tariff on other goods. He recently said the auto tariff may become even higher. Ishiba has emphasized that Japan is an important ally in a key bilateral defense alliance with Washington and that he is pushing to protect his own country's national interests. The auto industry is a pillar of Japan's economy, and Japan exports more than a million vehicles to the U.S. a year. Tokyo has repeatedly stressed that automakers like Toyota and Honda produce cars in North America, contributing to the economy and creating jobs. ___ Yuri Kageyama is on Threads
Washington Post
4 days ago
- Automotive
- Washington Post
Japan records trade deficit as exports suffer from Trump's tariffs
TOKYO — Japan's exports fell in May as shipments of autos to the U.S. dropped nearly 25% from a year earlier due to higher tariffs imposed by President Donald Trump. Exports fell 1.7% year-on-year, which was less than the decline analysts had forecast, the Finance Ministry reported Wednesday. Imports sank 7.7%, reflecting weakening domestic demand and worse than the 2% fall recorded in April .
The Independent
4 days ago
- Automotive
- The Independent
Japan records trade deficit as exports suffer from Trump's tariffs
Japan 's exports fell in May as shipments of autos to the U.S. dropped nearly 25% from a year earlier due to higher tariffs imposed by President Donald Trump. Exports fell 1.7% year-on-year, which was less than the decline analysts had forecast, the Finance Ministry reported Wednesday. Imports sank 7.7%, reflecting weakening domestic demand and worse than the 2% fall recorded in April. The trade deficit in May was 637.6 billion yen, or $4.4 billion. Japan has yet to reach a deal with Trump on resolving the tariffs issue, with Prime Minister Shigeru Ishiba saying after he met with the U.S. president at the Group of Seven summit in Canada earlier this week that the two sides were unable to agree on some points. Trump has imposed a 25% additional tariff on Japanese autos and a 24% tariff on other goods. He recently said the auto tariff may become even higher. Ishiba has emphasized that Japan is an important ally in a key bilateral defense alliance with Washington and that he is pushing to protect his own country's national interests. The auto industry is a pillar of Japan's economy, and Japan exports more than a million vehicles to the U.S. a year. Tokyo has repeatedly stressed that automakers like Toyota and Honda produce cars in North America, contributing to the economy and creating jobs. ___
