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U.S. issues new tariff threat, this time against British-built cars

WASHINGTON — Britain is the United States' closest ally but their long friendship may be sorely tested as the two countries try to forge a new trade agreement after Britain's exit from the European Union. U.S. Treasury Secretary Steven Mnuchin said on Saturday in London that he was optimistic that a bilateral deal with Britain could be reached as soon as this year. But Mnuchin gave up no ground after a second meeting with his UK counterpart, Sajid Javid. Javid has insisted that Britain will proceed with a unilateral digital services tax, despite a U.S. threat to levy retaliatory tariffs on British-made autos. Mnuchin told reporters after Saturday's meeting that such taxes would discriminate against big U.S. tech companies like Alphabet Inc's Google, Apple, Facebook and Amazon. The UK Treasury declined to comment on the private meeting. The divide highlights the challenges ahead as the Trump administration seeks a new bilateral agreement with Britain, part of a broader push to rebalance relations with nearly all its major trading partners. The stakes are high — British Prime Minister Boris Johnson has pegged the trade deal with United States as a way to ease the pain of breaking with Europe, Britain's largest trade partner. U.S. President Donald Trump, has promised a "massive" trade deal to support Brexit, the product of a populist movement similar to his "America First" agenda. The goodwill and special relationship the two countries have enjoyed for decades may not count for much, experts say. "Trump is not going to be doing Johnson any favors," said Amanda Sloat, a senior fellow with the Brookings Institution in Washington. "He's not going to give him a trade deal without major concessions." Even before the digital tax issue arose, the Trump administration threatened to tax foreign car imports, which could hit British-made Jaguar, Land Rover, Mini, and Honda Civic hatchback cars. Stiff U.S. trade demands include increased access for U.S. farm goods, concessions that will be difficult for Britain's entrenched natural food culture to swallow. The United States also wants Britain to change the way its National Health Service prices drugs and allow in more U.S. pharmaceuticals, which could prove politically unpopular for Johnson's government. Washington's demand that London block Chinese telecoms equipment maker Huawei Technologies Co Ltd for national security reasons could also cloud talks.

Revealed: Aston Martin shows first V12 Speedster prototype

The V12 Speedster — Aston Martin's "living show car" — has moved from the realm of dreams (and digital renderings) to the physical world. Here it is in the metal. In the composite? A bit of both, we'd reckon, but we can say this for certain: it's definitely not glass. Aston Martin's 88-unit, $950,000, topless supercar is officially entering the physical development stage "in earnest," the company's spokesperson said, and here are the photos to prove it. Aston Martin had originally planned to start delivering V12 Speedsters in the first quarter of 2021, but whether that's possible in the world of COVID-19 remains to be seen.  The company says this prototype is intended for "dynamic development," meaning it's going to be used to fine-tune road and track performance. Based on the details Aston Martin has released so far, we're inclined to believe that it will be a treat in both departments. Aston Martin V12 Speedster View 18 Photos Fortunately, we have Aston Martin's previous renderings. Aston says the V12 Speedster is powered by a 5.2-liter twin-turbo V12 making 700 horsepower and 555 pound-feet of torque. Power goes to the rear wheels by way of a ZF eight-speed automatic gearbox. The British luxury builder claims this combo is good for a run to 62 mph in 3.5 seconds and a top speed of 186 mph. The platform itself is made by combining elements of the DBS Superleggera and Vantage. It has 21-inch forged, center-locking wheels, huge carbon ceramic brakes and adaptive dampers. As you can see from the gallery, Aston Martin did not include any photos of the prototype's interior, and we suspect that's because it doesn't actually have one yet — at least not anything worth showing. That's just as well. This is a single-purpose toy, not a touring coupe, and anything more than a well-anchored set of seats and intuitive driver controls is just a bonus anyway. 

Aston Martin will make a profit for the first time since 2010

LONDON — Aston Martin is on course to post its first annual pre-tax profit since 2010 as strong demand for the luxury automaker's DB11 sports car boosts its performance. Pre-tax profit reached 22 million pounds ($29 million) in the first nine months of 2017, reversing a loss of 124 million pounds in the same period in 2016, Aston said on Wednesday. "Our strong financial performance and continued profitability reflect the growing appeal of our high-performance sports cars, with the new DB11 Volante and a new Vantage expected to stimulate further demand in the coming year," Chief Executive Andy Palmer said. Asked on Monday whether the firm would be in the black this year, Palmer told Reuters: "It's our intention to be." Aston Martin, which is mainly owned by Kuwaiti and Italian private equity firms, last posted a profit in 2010. Its losses then grew, partly due to lack of new models, a high-profile recall and an extended period without a chief executive. Since Palmer's appointment in 2014, the firm has pursued a turnaround plan designed to boost its model lineup, quadruple volumes and produce its first SUV at a new plant in Wales, setting up a possible stock market flotation. Volumes rose 65 percent to 3,330 cars in the first nine months of the year, prompting the firm to raise its full-year guidance to expect core earnings of at least 180 million pounds on revenue of over 840 million pounds. Third-quarter profit stood at 0.8 million pounds, reflecting a quieter period across the car sector when demand falls as people take holidays and some customers prefer to wait until after the vacation period to have their cars delivered. On Tuesday, the firm launched its new Vantage model, which will take its output to 7,000 sports cars in 2019, its highest level in a decade. Related Video: