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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.

2017 Ford GT looks resplendent in Liquid Silver and will be built in Ontario

You didn't think we'd let an opportunity to capture another high-res image gallery of our favorite vehicle from the North American International Auto Show pass by, now that it's taking center stage in Chicago, did you? Especially since it's now painted in a brand-new hue? Of course not. And so we're happy to present to you the 2017 Ford GT in Liquid Silver, wearing titanium-tinted racing stripes. It may not be as classically American as the show-stopping blue that debuted with the concept in Detroit, but it's beautiful nonetheless. And, in even better news, we hear that the GT has been confirmed for production at Ford's factory in Markham, Ontario, according to our Canadian friends at CTV News. To recap what we know about the Ford GT – besides the fact that we're in mad, mad love with it, of course – it's beautiful, will be powered by a mid-mounted 3.5-liter twin-turbo V6 with "more than 600 horsepower," it's beautiful, it sends all that power to the rear wheels through a seven-speed dual-clutch gearbox, it's beautiful, blends a carbon fiber monocoque and body panels with aluminum subframes, and it's beautiful. We think it's likely headed for endurance-racing competition, as was the original GT40 that is its spiritual grandfather, and we're sure it will look good doing it. Heck, maybe it'll even win at Le Mans. In any case, check it out in high-res glory below, in multiple color schemes, in both images and video. Related Video: Related Gallery Ford GT Concept: Detroit 2015 View 45 Photos Related Gallery Ford GT View 11 Photos Related Gallery 2017 Ford GT: Chicago 2015 View 30 Photos Image Credit: Live photos copyright 2015 Drew Phillips / AOL Design/Style Plants/Manufacturing Chicago Auto Show Ford Coupe Performance Supercars Videos autoblog black

Shelby Cobra, Mercedes 300SL and 1947 Woodie from Petersen Museum headed to auction

The changes happening at the Petersen Museum have been making the rounds in major press, but it probably won't be until August 18, during Pebble Beach, when we get the full story on what's happening; that's where and when museum reps plan on announcing the way forward for the SoCal institution. In the meantime, the museum is still reorganizing its collection, and that means auctioning some of its showpieces at this weekend's Auctions America event in Burbank.
Three of the stars are a 1964 Shelby Cobra 289, one of less than 20 produced with a three-speed C-4 automatic transmission, a 1960 Mercedes-Benz 300SL owned by actor Robert Stack and the last 1948 Ford Sportsman 'Woodie' ever produced. The Cobra, now restored to its original white exterior and red leather interior, was a factory demonstrator that first sold for $5,250. Showing just 38,950 miles on the odometer, its pre-sale estimate is $800,000 to $1 million.
The 300SL is actually a 1957 model but wasn't titled until Robert Stack took possession in 1960. The lead actor in the The Untouchables TV series used to drive by the Sunset Boulevard Mercedes dealership to ogle the car, but couldn't justify spending the money to buy it. When he and the producer of The Untouchables won Emmys for the show, the producer, who happened to be Desi Arnaz, bought the car for Stack. He owned it his whole life, it has been left as Stack drove it and still bears the California license plate "UNTCHBL."