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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.

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 Mulsanne EWB China Edition ironically celebrates London

Bentley's versed in special editions for China, although it's been a while since we last saw one. In 2010, the English automaker released the Continental GT Design Series China and Flying Spur Speed China, following that up a year later with the Linley Continental Flying Spur that was limited to a mere 10 units. This time around, 15 Chinese buyers get the chance to order the Bentley Mulsanne Extended Wheelbase China Edition in any color they want so long as it's black. This being a product of Bentley's Mulliner bespoke division, though, buyers do get a choice of two special blacks. Onyx black imbues the abyssal shade with "a hint of dark blue" as well as darker tones, resulting in the "deepest black finish offered by Bentley." Mulsanne shoppers who like their blacks a bit more uplifting should opt for Black Velvet, said to be "a richer black-based finish" shot through with red pigments, creating a color recalling black cherries. Both hues are hand-applied, as is the gold fine line running along the Mulsanne's shoulder. Further exterior highlights comprise the chrome Serenity grille with a double-diamond quilt pattern, a Union Jack on the C-pillar, 21-inch and 14-spoke polished Radiance wheels, exclusive welcome lamps, and polished, stainless steel Mulliner sill plates.  Three vogue, two-tone interiors will be available, in either Fireglow with Imperial Blue, Newmarket Tan with Burnt Oak, or Shortbread with Redwood. Crewe artists embroidered the hide covering each seat with "an expressive interpretation" of London's skyline that includes widely recognizable sights: Tower Bridge, the London Eye Ferris wheel, the Shard and Gherkin towers, and The O2 arena. The same design is inlaid into the chosen veneer on the passenger's side.   The 6.75-liter turbocharged V8 with 506 hp and 752 pound-feet of torque goes untouched. Bentley will share pricing only with the 15 souls ready to purchase, but the standard sedan starts at more than 5 million yuan, or almost $750,000 American. Buyers would be advised to have a Bentayga on hand to convey the funds to the dealership.