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Trump reportedly says he wants to wipe German cars off the U.S. map

BERLIN/FRANKFURT — A report that U.S. President Donald Trump has threatened to pursue German carmakers until there are no Mercedes-Benz rolling down New York's Fifth Avenue dented shares in the luxury car manufacturers on Thursday. An excerpt from German magazine Wirtschaftswoche's article, which cited several unnamed European and U.S. diplomats but did not include any direct quotes, could not be independently verified, while a U.S. Embassy spokesman in Berlin referred questions to Washington. The news and current affairs magazine said Trump had told French President Emmanuel Macron in April that he aimed to push German carmakers out of the United States altogether. Macron's administration in Paris declined to comment on the report. The Trump administration last week opened a so-called Section 232 trade investigation into vehicle imports, which could result in a 25 percent tariff on cars on the same "national security" grounds Washington used to impose metals duties in March. This could destroy exports by German carmakers, which control 90 percent of the U.S. premium market and are the biggest European Union exporters of cars to the United States. BMW owns Rolls-Royce, while Daimler has Mercedes-Benz, and Volkswagen controls Bentley, Bugatti, Porsche and Audi. Daimler, BMW and Audi declined comment. Porsche was not immediately available for comment. BMW shares were trading 0.5 percent lower at 0939 GMT, while Daimler and VW's shares were down 1 percent and 1.6 percent respectively, underperforming Germany's blue-chip DAX. Trump has railed against German carmakers before. And in early 2017, in an interview with German newspaper Bild, he said he would impose 35 percent tariffs on imported cars. At the time, the president called Germany a great car producer but said that the business relationship with the United States was an unfair one-way street. Germany's auto industry association VDA says its members exported 657,000 vehicles to North America last year, with total exports of vehicle components, cars, engines, as well as second-hand vehicles totaling 31.2 billion euros in 2016. Imports from the United States to Germany amounted to 7.4 billion euros, meaning a trade deficit of 23.8 billion euros the VDA's latest available figures show. However, German brands also have huge factories in the United States, where they built 804,000 cars last year, VDA said, providing jobs for U.S. workers. Berlin has reacted angrily to the U.S.

I got to see the Rolls-Royce Dawn

It may look like a Wraith convertible, but that doesn't do this new Rolls justice. In mid-May, Rolls-Royce announced the name of its forthcoming convertible: Dawn. Two days after that news was released, I saw the new car in Beverly Hills, CA. And as you can probably guess from earlier spy shots, not to mention my choice of lead photo, it looks like a Wraith convertible. Well, sort of. Before getting a full briefing of the new Dawn, I was frisked, security guards waved handheld metal detectors around my limbs, and my iPhone was confiscated. I was left standing outside a glamorous mansion with no more than a blue notebook, a pen, a glass of champagne, and gorgeous views of the Hollywood hills and Pacific Ocean. I was told to keep my mouth shut about everything I was about to see, until further notice. So no, I can't tell you everything I know about the Rolls-Royce Dawn; the company wants to save some information for the car's official unveiling in September at the Frankfurt Motor Show. I don't have photos. I don't even have a napkin sketch. Instead, I'm now allowed to tell you my impressions of the car I saw. It may look like a Wraith convertible, but that phrase alone doesn't do this new Rolls justice. Fabulous places. Shared social occasions. That's the sort of imagery Rolls-Royce wants to convey with the Dawn. In an effort to really convey this, Rolls-Royce opted to give the car a totally different name – that's why it isn't called Wraith Drophead Coupe, like the convertible version of the flagship Phantom. "'Dawn' perfectly expresses the character of the new Rolls-Royce. In its tentative, inchoate, anticipatory state, dawn is the world coming to light from the ethereal dark of the night," the company said in its original release. The Dawn name also harks back to the incredibly exclusive Silver Dawn from the 1950s, pictured above. Fabulous places and fabulous people. Shared social occasions. That's the sort of imagery Rolls-Royce wants to convey with the Dawn. After a hearing details that shall not be mentioned here (yet), I met the Dawn for the first time. The car drove up a path to the Beverly Hills mansion's courtyard, top up, modern music playing in the background. This was the first time in recent memory that a convertible was introduced with its roof affixed, but this was intentional. With the roof on, the differences between Wraith and Dawn are immediately noticeable. View 8 Photos With the roof up, the big droptop sort of looks like a hot rod.

The UK votes for Brexit and it will impact automakers

It's the first morning after the United Kingdom voted for what's become known as Brexit – that is, to leave the European Union and its tariff-free internal market. Now begins a two-year process in which the UK will have to negotiate with the rest of the EU trading bloc, which is its largest export market, about many things. One of them may be tariffs, and that could severely impact any automaker that builds cars in the UK. This doesn't just mean companies that you think of as British, like Mini and Jaguar. Both of those automakers are owned by foreign companies, incidentally. Mini and Rolls-Royce are owned by BMW, Jaguar and Land Rover by Tata Motors of India, and Bentley by the VW Group. Many other automakers produce cars in the UK for sale within that country and also export to the EU. Tariffs could damage the profits of each of these companies, and perhaps cause them to shift manufacturing out of the UK, significantly damaging the country's resurgent manufacturing industry. Autonews Europe dug up some interesting numbers on that last point. Nissan, the country's second-largest auto producer, builds 475k or so cars in the UK but the vast majority are sent abroad. Toyota built 190k cars last year in Britain, of which 75 percent went to the EU and just 10 percent were sold in the country. Investors are skittish at the news. The value of the pound sterling has plummeted by 8 percent as of this writing, at one point yesterday reaching levels not seen since 1985. Shares at Tata Motors, which counts Jaguar and Land Rover as bright jewels in its portfolio, were off by nearly 12 percent according to Autonews Europe. So what happens next? No one's terribly sure, although the feeling seems to be that the jilted EU will impost tariffs of up to 10 percent on UK exports. It's likely that the UK will reciprocate, and thus it'll be more expensive to buy a European-made car in the UK. Both situations will likely negatively affect the country, as both production of new cars and sales to UK consumers will both fall. Evercore Automotive Research figures the combined damage will be roughly $9b in lost profits to automakers, and an as-of-yet unquantified impact on auto production jobs. Perhaps the EU's leaders in Brussels will be in a better mood in two years, and the process won't devolve into a trade war. In the immediate wake of the Brexit vote, though, the mood is grim, the EU leadership is angry, and investors are spooked.