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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.

Ford reserving 50th Anniversary Mustangs for service members

Think getting your hands on one of the 1,964 50th Anniversary Ford Mustangs is hard as a civilian? Imagine how tough it might be for the Mustang fanatics in our nation's military. Perhaps recognizing this fact, Ford Emerging Market Services and the Overseas Military Sales Corporation (the only Ford-authorized retailer on the military's bases) ran a raffle, with the winners receiving the opportunity to purchase one of the limited-edition muscle cars. Ford EMS and OMS received 300 entries to the raffle, although with only eight 50th Anniversary Stangs to hand out, we imagine there were quite a lot of disappointed soldiers, sailors, airmen and marines. "We are pleased to offer limited-edition anniversary Mustangs to members of our military through our Military Appreciation Program, and we are delighted at the response it's receiving," Doug Walczak, EMS' fleet sales manager, said. The first Mustang was delivered to Army Maj. Del Boyer, shown above. While Maj. Boyer took delivery in New York, the raffle was open to servicemembers both at home and abroad.

Ford honors Chinese Year of the Horse with Vaughn Gittin Jr., Mustang video

Calendar years and fiscal years tend to be the only timetables automakers concern themselves with, but that doesn't mean there isn't recognition of other measures of time. Ford has opted to observe the Chinese zodiac, largely because the Year of the Horse ended just last week. That's fortuitous timing, considering the first Ford Mustangs were making their way towards the People's Republic as celebrations were carrying on. To recognize this fact, and the end of the Year of the Horse, Ford recruited drift king Vaughn Gittin, Jr., to take a 2015 Mustang GT to the streets of Ordos City, in north-central China. It's not as dramatic as some of Ford's recent videos, like the one starring Ken Block and the Ford Focus RS, but it's pretty cool all the same. Take a look. Related Video: News Source: Ford Performance via YouTube, Yahoo! Autos Ford Coupe Performance Videos