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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.

Lotus sells loads more cars, earns way more money

Sports-car company Lotus has reason to be excited. It released some facts on its sales and financial performance for the 2016 and 2017 fiscal year, and it has seen some impressive improvements. According to the company, it sold nearly 60 percent more cars in mainland Europe compared with the 2015/2016 fiscal year, and it sold six times as many cars in the U.S. compared with that year. This helped it go from a loss of GBP16.3 million for the previous year in earnings before interest, taxes, depreciation and amortization (EBITDA) to a GBP2 million profit EBITDA. The fact that those numbers are given before all those extra expenses is noteworthy, though, as it means the company isn't truly profitable yet, despite major gains. The company did report numbers that only excluded tax, and those show the company still lost money. But the good news is that it lost much, much less money than the year before. Before taxes for the 2015/2016 fiscal year, the company lost GBP41.2 million, and this year, it only lost GBP11.2 million. The company expects it will be profitable before tax in the coming year. So Lotus isn't perfectly healthy yet, but this, combined with Geely's recent acquisition, shows it's well on its way to becoming fit as a fiddle. We like the cars Lotus makes, so we hope that things keep getting better, and that we'll maybe get more Lotus models in the future, beyond just the Evora road car and 3-Eleven track car. Related Video: Featured Gallery 2017 Lotus Evora 400: First Drive View 29 Photos Image Credit: Lotus Earnings/Financials Lotus Coupe Lightweight Vehicles Performance

Lotus 3-Eleven may be the quickest track weapon you can buy

Germany's Sport Auto magazine routinely takes world-beating supercars around the short circuit at the Hockenheimring: Porsches, Ferraris, Lamborghinis... the works. But the top of the leaderboard has now been claimed by something altogether smaller and less powerful in the form of the new Lotus 3-Eleven. The most extreme expression of the Elise/Exige platform to date, the 3-Eleven is a track-focused machine of the highest caliber. At its heart sits a relatively humble 3.5-liter supercharged V6, tuned to produce 460 horsepower. But with composite body panels and a low curb weight, it rockets to 60 in under 3.0 seconds flat, and more poignantly laps the company's own test track ten seconds ahead of the Evora 400. Now it's clocked a lap around Hockenheim – sometimes host of the German Grand Prix – in just 1:06.2, just edging out the previous record held by a Porsche 918 Spyder. It also bests the Gumpert Apollo, and the similarly track-focused Radical SR3 SL... not to mention everything else Sport Auto has ever taken to the track. What's even more impressive is that the magazine's road test editor Christian Gebhardt completed the lap on stock rubber and on a cold track that didn't get any warmer than 46 degrees Fahrenheit. Just imagine what it'd do on even semi-slicks and a warm track surface. Related Video: 'HYPERCAR-KILLING' LOTUS 3-ELEVEN SETS HOCKENHEIMRING LAP RECORD - Lotus 3-Eleven raises the bar by establishing a new "sport auto" production car lap record around Hockenheimring - Lotus 3-Eleven now heads the lap time list which features exotic hyper cars and track-focused supercars from some of the world's most prestigious manufacturers - Lap record set by "sport auto" magazine's top road tester Christian Gebhardt The Lotus 3-Eleven, the quickest series production car to come from Lotus' Hethel Headquarters, has set the fastest lap time ever recorded by the leading and highly-respected German car magazine, "sport auto". Driven by Christian Gebhardt, a highly accomplished driver and Road Test Editor for "sport auto", the Lotus 3-Eleven lapped the Hockenheimring short Circuit in an incredible 1 minute 06.2 seconds. This time was even more impressive considering that the 3-Eleven was on standard road tyres and the fastest lap was completed in less than perfect weather, where temperatures did not get higher than 8 degrees Celsius. Jean-Marc Gales, CEO of Group Lotus plc said, "Christian set a fabulous lap in less than ideal conditions.