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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.

Recharge Wrap-up: Smart Silvretta E-Car Rally, Uber's autonomous Teslas

Daimler took part in the 2015 Silvretta E-Car Rally with seven electrified cars from Mercedes-Benz and Smart. It is the automakers' sixth year competing in the competition in the mountains of Austria's Montafon region. Mercedes fielded two B-Class Electric Drives, an SLS AMG Electric Drive, C350e, S500e and GLE500e 4Matic alongside a Smart Brabus Fortwo Electric Drive Cabriolet. The Silvretta Rally sees some 150 vintage cars and 30 electric vehicles take part in the event, which took place from July 2 through 5 this year. Read more in the press release from Daimler below. Uber CEO Travis Kalanick says that he'd want to buy all of Tesla's autonomous vehicles if they were available in 2020. Venture capitalist Steve Jurvetson relayed Kalanick's comments from the Top 10 Tech Trends dinner in June. Jurvetson also praises self-driving cars, saying, "I believe they are already safer than my parents, and I would trust my kids with them. And they're just going to get better." Jurvetson also believes that taxi services will prosper from the use of autonomous cars in the future. Read more at Hybrid Cars. A Michigan legislator has introduced a bill that would count burning industrial solids — such as tires and plastics — toward the state's renewable energy mandate. Aric Nesbitt's bill would "remove unnecessary burdens on the appropriate use of solid waste as a clean energy source" in order to meet the state's requirement that 10 percent of energy come from renewable sources. Critics argue that these materials are not truly renewable, and that burning them causes pollution and emits greenhouse gases. The proposed bill would also repeal a law requiring utilities to work toward reducing energy use by one percent per year. Read more at Treehugger. Will the cars National Electric Vehicle Sweden (NEVS) builds in China bear the Saab name? While NEVS is the newest parent company to Saab after being acquired in bankruptcy from Spyker, there's no confirmation that the electric vehicles it builds at its Tianjin plant will be sold as Saabs. Swedish defense firm Saab AB, which held the rights to the Saab name, withheld permission to use it after NEVS declared bankruptcy last year. "The exact models and brands are not finalized yet," says a NEVS spokesman. The company says it is spending $200 million to build the new factory in China, with an expected annual capacity of 200,000 vehicles. Read more at Automotive News Europe.

Woz pranks the Internet with 'his' Tesla Model X

This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. People pay attention to Steve Wozniak. People pay attention to Tesla Motors. Put the two together, with the bonus of a not-yet-available Model X, and you've got the makings of Twitter gold. This was proven yesterday, when Woz Tweeted a picture of himself with what he said was "our new Tesla!" Excited admirers offered their congratulations and wanted to see the cool Falcon doors in action. But it was all a dream too sweet. The Model X, after all, isn't due until the end of the year and even an Apple co-founder can't bend time that much. Tech editor at The Street Chris Ciaccia popped the bubble with this Tweeted explanation: "Despite @stevewoz tweeting a pic of him w/the Model X, not his new car. Just a photo op with the display model at that charging station." So, really, "Woz's" Model X could belong to anyone who wants to go to wherever the display model is located and snap a picture. We would not be surprised, though, if Woz is one of the 12,000 (guesstimated) pre-orders for the Model X. The all-wheel drive, all-electric CUV can hit 60 miles per hour in under five seconds thanks to a powertrain similar to the one in the Model S. Like the popular S, the X will come with either a 60- or 85-kWh battery. You can see the Falcon doors move up and down, digitally, here.