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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.

Stunning Jaguar collection with O.G. E-Type is a museum exhibit all on its own

At what point does a personal automotive collection become a museum exhibit that's just not in a museum? Dr. Christian Jenny blurs the line between the two with his unreal lot of classic Jaguars that includes not only the first E-Type ever seen in public, but also the "Lost C-Type" and what is considered to be Jaguar's first sports car, the 1935 S.S. 90 Prototype. Switzerland-based collector Jenny is selling 12 cars individually through classic car broker Pendine Historic Cars Limited. The collection includes some of the most important Jaguars ever built, nearly all of which have open-air tops. It's so special, in fact, that Pendine has created an entirely separate tab on its website dedicated to the set. The 12-pack includes the 1935 S.S. 90 Prototype, a 1952 C-Type, the E-Type Series I fixed-head coupe (aka "The Geneva Launch Car"), a 1935 S.S. 90 "Captain Black," a 1937 S.S. 100 2.5 liter, a 1938 S.S. 100 3.5 liter, a 1949 alloy XK120 Roadster, a 1950 XK120 Roadster, a 1955 XK140 SE Roadster, a 1960 XK150 3.8 S Roadster, an E-Type Series I Roadster, and a 1972 E-Type Series III V12 Roadster. All of the cars have been beautifully photographed and recorded by Michel Zumbrunn, author of British Auto Legends: Classics of Style and Design. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Though every one of these cars holds heavy significance, the 90 Prototype, the C-Type, and the Geneva E-Type stand to be some of the most noteworthy in British history. The S.S. 90 Prototype is considered Jaguar's first sports car before the company was even called Jaguar. It has a sidevalve 2.6-liter straight-six engine that makes an estimated 90 bhp and has won numerous Pebble Beach Concours awards. For years, this C-Type was floating in the ether and earned the nickname "The Lost C-Type" when it was the only car of the 53 C-Types that was not located. It was raced for numerous years and has since been restored. Any E-Type is highly valuable, as it's largely considered one of the most beautiful cars ever built, but this specific car has extra history. The coupe shape was reportedly hand-built from an open-top model and became the first E-Type ever seen in public. The experimental prototype, chassis No. 885005, was on display at the 1961 Geneva show. Read more detailed accounts for each car and ogle the gorgeous photography, of which each car has plenty, at Pendine. As of now, only the 90 Prototype has an offer.

Tata Motors posts quarterly loss and warns of inflationary costs

BENGALURU — Jaguar Land Rover (JLR) owner Tata Motors reported a quarterly loss on Monday that was bigger than expected and warned of rising inflationary costs. Automakers worldwide have been roiled by chip shortages, supply chain disruptions, COVID-19 restrictions and rising raw material prices after a short-lived recovery towards the end of 2020. "Demand remains strong despite near term concerns ... the semiconductor supply situation is improving gradually whilst inflation worries persist," Tata Motors said in an exchange filing. The company expects chip shortages at JLR to continue through 2022 as suppliers gradually ramp up production, and is also engaging directly with chip manufacturers to secure supply longer-term supplies for the Range Rover maker, it said. Tata Motors' consolidated net loss came in at 15.16 billion rupees ($203.23 million) for the quarter ended Dec. 31, compared to a profit of 29.06 billion rupees a year earlier, when an easing of pandemic-related restrictions led to a pick-up in sales. However, the recovery was short-lived as acute semiconductor shortages and supply chain disruptions delayed production, and Tata Motors slipped back to losses. For the reported quarter, analysts had expected the Mumbai-based company to report a loss of 3.30 billion rupees, according to Refinitiv IBES data. Tata Motors' earnings before interest, taxes, depreciation, and amortization (EBITDA) margin, a key measure of profitability, was 10.2% for the quarter, above estimates of 9.3%. Total revenue from operations for the quarter fell 4.5% to 722.29 billion rupees, below estimates of 775.93 billion rupees. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Earnings/Financials Jaguar Land Rover