Martin Crutsinger AP Economics Writer Published 10:39 AM EDT Sep 27, 2018 Washington – The U.S. economy grew at a robust annual rate of 4.2 percent in the second quarter, the best performance in nearly four years, though economists believe growth has slowed in the current quarter partly because of a drag from trade. The performance of the gross domestic product, the country’s total output of goods and services, was unchanged from an estimate the Commerce Department made last month, the government reported Thursday. The strong GDP performance has been cited by Trump as proof that his economic program is working. “We’re doing much better than anybody thought possible,” Trump said at a Wednesday news conference. However, a big part of that growth reflected a temporary rush to ship soybeans and other U.S. exports out before penalty tariffs triggered by Trump’s get-tough trade policies took effect. Economists believe growth has slowed in the … [Read more...] about US economy grew at robust 4.2 percent rate in Q2
Economy shipping from outside us
Eric Martin and Jennifer Jacobs, Bloomberg 10:11 am CDT, Sunday, August 26, 2018 PHOTOS: Impacts of NAFTA felt in TexasTrucks enter the United States at the Colombia Solidarity Bridge outside Laredo. The six-lane bridge is heavily used with NAFTA commerce between the two countries. (Robert Daemmrich Photography Inc/Sygma via Getty Images) >>>See what international trade is like on the Juarez, El Paso border ... less PHOTOS: Impacts of NAFTA felt in Texas Trucks enter the United States at the Colombia Solidarity Bridge outside Laredo. The six-lane bridge is heavily used with NAFTA commerce between the two countries. (Robert ... more Photo: Robert Daemmrich Photography Inc/Sygma Via Getty Images The flags of the United States and Mexico fly over the border above the Paso del Norte Bridge also known as the “Santa Fe Street Bridge," on Wednesday, Jan. 31, 2018, in Ciudad Juarez, Mexico. ( Brett … [Read more...] about US, Mexico poised for NAFTA deal as soon as Monday
With the collapse in value of the Turkish lira and the tension between US and Turkey still rising, the automotive industry in the country is bracing for some potentially serious consequences. Vehicle production in Turkey has grown steadily over recent years, to around 1.5 million units annually. But the new political turmoil fires a warning shot for Turkey’s automotive industry, reports Automotive Logistics. Ford runs there the only European factory for the Transit, along with the Transit Courier and the large Cargo truck, which is made for the local market. Fiat also builds cars and small vans there, with some of them sent to the US under the Ram brand. Toyota builds the C-HR crossover in Turkey, which is then shipped to Europe and the US, while Renault’s local factory is the main production location for the Clio, as well as some bodystyles of the Megane. Hyundai uses Turkey as its European supply point for small models like the i10 and i20, planning to add an SUV to the … [Read more...] about Clash Between US And Turkey Issues Warning Shots For Turkish Auto Factories
A day after President Donald Trump announced steep tariffs on imports of steel and aluminum, Baltimore-area businesses that rely on overseas supplies of the metals braced for uncertainty.Nearly all of them expected costs to rise and supplies to be disrupted. Some worried about the impact on jobs, while others expressed hope that the move might level the playing field for U.S. manufacturers.Prime Manufacturing Technologies was already expecting delays getting the overseas aluminum from which it makes the plastic injection moldings for customers in the automotive, medical, electronic and construction industries, said Luke Chow, president and CEO of the Howard County company.Its supplier was having trouble getting the raw material amid threats of the tariffs.“Because of the tariffs, they were reluctant to ship to the U.S. at this point, until they figure out what’s going on,” Chow said. “Our delivery to our customers could be longer. Our ability to deliver is … [Read more...] about Baltimore area businesses brace for tariffs on steel and aluminum imports
UK Car Production Down: But Is It All About Brexit? I receive many messages in my burgeoning email inbox. Some of them I don’t want to read because they bear no relation to what I actually do. I do not, for example, want to buy electrical parts from China, perfumes from Paris, and I don’t want to meet attractive girls from foreign lands. Well, in a sort of typically male lecherous sense I do, but the marriage contract and the prospects for my future health don’t allow for it. I also get a lot of mail every financial quarter from motor manufacturers shouting from the rooftops that the last three months have been their best yet in terms of sales and profits; this includes European car makers like Volvo and Volkswagen. They must be doing this by means of economies of scale or something because, if the UK motor industry is anything to go by, business is not looking rosy. Worrying Statistics Figures recently released show that UK car production once again declined in … [Read more...] about Letter From The UK: Is It All About Brexit?