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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.

We drove the Ford Ranger | Autoblog Podcast #520

On this week's Autoblog Podcast, we discuss our recent trip to New Zealand to drive the global Ford Ranger. As always, we talk about the BMW i3 and a Jeep Wrangler with a whole suite of modifications from Omix-ADA and Rugged Ridge. Finally, we close the podcast with by spending your money. The rundown is below. Remember, if you have a car-related question you'd like us to answer or you want buying advice of your very own, send a message or a voice memo to podcast at autoblog dot com. (If you record audio of a question with your phone and get it to us, you could hear your very own voice on the podcast. Neat, right?) And if you have other questions or comments, please send those too. Autoblog Podcast #520The video meant to be presented here is no longer available. Sorry for the inconvenience.Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Topics and stories we mention Ford Ranger and New Zealand BMW i3 Jeep Wrangler Unlimited Rundown 00:00:00 - Intro/New Zealand 00:11:28 - What We're Driving 00:22:30 - 4th of July Roadtrip Cars 00:30:00 - Spend My Money 00:33:35 - Outro Feedback Email – Podcast at Autoblog dot com Review the show on iTunes Podcasts BMW Ford Jeep

Motorcycles and cars star in strangest drift battle ever

You really don't need a coherent plot to make a fun drifting video, and that's exactly the case with this clip from Icon Motorsports. Running over dirt, racetracks, and even Miami freeways, it features two generations of tuned Mustangs, a mean-sounding reverse-trike, and some high-powered bikes sliding around. The attempted story is fairly vapid, though. Things veer into the weird when Dax Shepard arrives to beat up an old BMW 7 Series by taking the big sedan off-road. Thankfully, the cinematography makes up for the plot shortcomings, and the drifting at least looks great on camera. It's always cool to see a mix of cars and bikes sliding around together in such close proximity. Just as a warning before clicking play, there's some not-safe-for-work language and humor in the video. This isn't the first car vs. motorcycle vs. whatever drifting video that's run on these pages, most from Icon. Here are links to the first, second and third installations in the series. As you can see, each new incarnation is a bit more outlandish than the last. And somehow, we'd wager that this fourth video probably won't be the last, either.