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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.

Bentley spreads its wings, hires jets to fly car bodies to Britain under Brexit

FRANKFURT — Bentley, the luxury carmaker owned by Volkswagen, has booked five Antonov cargo jets to help overcome potential supply bottlenecks in the event of a disorderly exit of Britain from the European Union, the carmaker said on Wednesday. Car manufacturers are securing additional supply routes as policymakers in Brussels and Westminster seek to strike a deal to determine the future trading relationship with continental Europe after Britain exits the European Union. Bentley, which makes high end sports cars, buys 90% of its components from continental Europe, and sells around 24% of its cars into Europe, Chief Executive Adrian Hallmark told the Financial Times' Future of the Car summit. "We have spent two years planning. We have five Antonovs that we have on reserve to fly bodies to Manchester," Hallmark said, adding that in addition to shifting car bodies by air, Bentley has hiked the level of spare parts stored for production. "We used to run just-in-time with two days stock. Now we have 14 days stock. That's 14 working days, so that's three weeks of stock," he said. The company has booked additional warehouses and planned new logistics routes in case traditional supply methods are hampered by bottlenecks. If Britain fails to secure a negotiated trade agreement with European policymakers, Bentley would be able to absorb 10% import tariffs by raising prices and cutting costs. This would be less damaging than supply disruptions. "It is not existential as long as everything flows. Stopping flows is far more dangerous than Brexit tariffs," Hallmark said, referring to supply bottlenecks. This year Bentley expects to sell more than 10,000 luxury cars and to reach breakeven, mainly thanks to a rebound in demand in China, Hallmark said. China sales are up 35% when compared with before the COVID-19 crisis. Sales in Europe and the United States up 15% Hallmark said. "Overall we are in a position where we will do well over 10,000 sales this year," he said via Webcast. "We are on the cusp of going beyond breakeven."

Bentley debating production of either Speed 6 or smaller SUV

A fifth model is coming to the Bentley range, and after the EXP10 Speed 6 concept dropped jaws and a whole lot more at this year's Geneva Motor Show, observers expected the luscious green coupe to get the go-ahead. Yet, since January, Bentley has publicly mulled a new SUV smaller than the coming Bentayga that would "to attract more women and younger buyers to the brand." Now, the firm's marketing director is in the midst of a global research to work up a business case for each model that will decide the matter. The growth of the SUV market and the success of more affordable models forces Bentley to consider the potential money stacks provided by an even more price-friendly entry. The SUV is helped by the fact that it could be built on the same MSB platform that would support a production version of the EXP10 Speed 6. It looks like this is another cage match between heart and incontrovertible business case, yet a nod to the SUV wouldn't necessarily kill the Speed 6, only delay it. The investment for a fifth model begins after the Bentayga goes on sale at the end of this year, with 2020 or 2021 suggested as the production date for whichever new model comes next. There's no reason the Speed 6 couldn't come after that, even though we - and a bunch of potential customers - know the model we'd choose to build right now. According to Autocar, it might take up to two years for a decision. And either model will be draining enough of the company's time, talent, and resources as to mitigate a super-high-performance Continental variant, as we reported earlier. Related Video: Featured Gallery Bentley EXP 10 Speed 6 Concept: Geneva 2015 View 9 Photos News Source: AutocarImage Credit: Drew Phillips / AOL Bentley Coupe Crossover SUV Concept Cars Luxury Performance bentley bentayga bentley exp 10 speed 6