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Stocks down as automakers, Boeing lead China's hit list in trade spat

Shares in U.S. exporters of everything from planes to tractors fell on Wednesday after China retaliated against the Trump administration's tariff plans by proposing duties on key U.S. imports including soybeans, beef and chemicals. U.S. automakers' products are prominent on China's list of tariff targets, yet shares of automakers ended higher on Wednesday as Wall Street stocks changed course in the afternoon when investors' trade fears subsided. Tesla shares closed 7.3 percent higher at $286.94, Ford shares gained 1.6 percent to close at $11.33, and GM shares were up 3 percent at $38.03. Aircraft maker Boeing closed down 1 percent, weighing the most on the Dow Jones Industrial Average as documents from China's Ministry of Commerce and the U.S. manufacturer showed the move would affect some older Boeing narrowbody models. It was not immediately clear how much the tariffs would impact its newer aircraft. Boeing said it was assessing the situation while analysts from JP Morgan said the proposals from China looked to have been calibrated carefully to avoid a major impact on the planemaker. Fellow Dow component 3M lost as much as 2.4 percent. And farming equipment maker Deere lost nearly $10 per share at its lowest. The company urged the two countries to work toward a resolution to "limit uncertainty for farmers and avoid meaningful disruptions to agricultural trade." The speed with which the trade spat between Washington and Beijing is ratcheting up — the Chinese government took less than 11 hours to respond with its own measures — led to a sharp selloff in global stock markets and commodities. China was hitting back against U.S. President Donald Trump's plans to impose tariffs on $50 billion in Chinese goods with similar tariffs on U.S. goods even as Trump said the country is "not in a trade war with China." "Everybody knew they were going to retaliate. The question was how strong of a retaliation. Today's move clearly shows that they mean business," said Adam Sarhan, chief executive of 50 Park Investments in New York. China levied 25 percent additional tariffs on U.S. goods, but unlike Washington's list that covers many obscure industrial items, Beijing's covers 106 key U.S. imports including soybeans, planes, cars, whiskey and chemicals. Trump denied that the tit-for-tat moves amounted to a trade war between the world's two economic superpowers.

2018 Woodward Dream Cruise: What to know and where to go

If there's anything that proves Detroit's motor-oil-in-the-veins, gearhead bonafides, it's the annual Woodward Dream Cruise, which will bring an anticipated 1.5 million or so people from near and far, plus tens of thousands of classic and custom and just plain weird cars, to a 16-mile portion of Woodward Avenue on Saturday for the 24th year. Loved by gearheads, collectors and the merely curious, who see it as the Motor City's version of Mardi Gras, and loathed by others, who deride it as the world's largest traffic jam, the Dream Cruise is nothing if not an explosion for the senses. What will you see there? Well, as Autoblog Managing Editor Greg Rasa put it last year, "There are historic cars. And works of art. Some are worth vast sums of money, and some are rat rods and rust buckets. And some are bizarre creations that make you ask, 'What were they thinking?'" A few things are certain: You will see many incredible automobiles. There will be plenty of T-shirts and other merch, official and not-so-much. It will be crowded, and probably hot. The Cruise will officially go from 9 a.m. to 9 p.m., though of course cruisers have been out already for weeks. And there are plenty of attractions, both on and off the pavement of Woodward. Tony Michaels, the Dream Cruise's executive director, said the event is special for the Detroit region. "Together we celebrate the automobile and what it has meant to us," he told Autoblog. "To see the these fantastic vehicles and the proud owners says so much about who we are and our pride. "People should take it in to see history running 16 miles down Woodward Avenue and to be a part of the greatest automobile event in America." Ford is once again serving as the Dream Cruise presenting sponsor and will hold the 20th anniversary of the Mustang Alley at the corner of Nine Mile and Woodward in Ferndale, where it expects as many as 1,000 Mustangs to line up. It will also show off its lineage of trucks at 13 Mile, along with several performance vehicles at Duggan's Irish Pub at 31501 Woodward in Royal Oak. The company on Thursday unveiled the 2018 Mustang Cobra Jet drag car to celebrate the nameplate's 50th anniversary. Just 68 examples are planned of the $130,000 limited-edition model Other Ford activities include: Sales of tickets for a raffle of a one-off Kona Blue Mustang Bullitt, starting at the media clubhouse at 2 p.m. Friday. The raffle itself takes place in November and will support juvenile diabetes research.

'Born of a Blue Sky' brings the Amelia Island Concours to you

The Amelia Island Concours d'Elegance has more clout every year and is getting a reputation as Pebble Beach minus the madness. Held in March this year, it celebrated Ducati and the 50-year anniversaries of Lamborghini, the Corvette Sting Ray, Porsche 911 and the Ford GT40.
Justin Lapriore was there, and seemingly everywhere, getting footage of the various wares on display on the lawns and the sand and the runway. The resulting video, Born of a Blue Sky, is a 16-minute survey of some of the finer sights and plenty of engine sounds. Check it out below.