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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.

Elon Musk shuts down speculation that Falcon Wing doors will disappear

Since learning that deliveries of the Model X from Tesla Motors would now be delayed until sometime next summer, speculation has focused on the rear doors of the electric SUV as the likely source of the problem. We think this is a pretty good assumption considering that CEO Elon Musk said as much himself. Called falcon wing doors because they are said to resemble that bird of prey in flight, they open upwards, hinging in two places – the somewhat similar gull wing doors only have one hinge, where they're attached to the roof – which allows them to be opened in tighter spaces than the sea bird design. While the original prototype of the Model X had working wings, the engineering for a production model is no doubt a lot more difficult. Noted analyst Adam Jonas of Morgan Stanley said yesterday in a report that cut delivery estimates of the postponed car, "A door of that size and weight is going to be very hard to lift. Furthermore, having a hole of that size in the side of the car (that cuts deeply into the roof) could severely compromise structural rigidity impacting handling and safety." While the challenges of the unique rear portals make some investors wish Tesla would just stick with traditional openings, Musk made it clear that the falcon wings are going forward. Taking to Twitter, he tweeted: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Shares of TSLA, which had been on the rise of late, were down a significant -$9.96 (-3.86 percent) as of this writing. To see the doors that are creating the flap, scroll below for video of Musk giving a demonstration with the Model X prototype. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

White House responds to Tesla petition, declines to act

If you've been holding your breath whilst waiting for the White House to respond to the We The People petition asking that Tesla be allowed to sell direct to consumers in all 50 states, you can finally exhale and simultaneously sigh – it has, at last, issued a statement about its intention to not get directly involved in the issue. Penned by the President's energy and climate change adviser Dan Utech, the official response makes it clear that the administration is in favor of leaving the regulation of vehicle sales in the same capable state-level hands it has traditionally been in. This means Tesla, and any other automaker that wishes to avoid selling vehicles through third-party dealerships, will have to continue to fight for that privilege on a state-by-state basis. The California electric vehicle company has recently had some success in its battle to continue selling through its own "dealerships." The Pennsylvania five-store compromise has just been signed into law and it recently reached a similar agreement with New York, while New Jersey legislation is also moving along. For those disappointed by the refusal of the White House to act specifically on this matter, Utech points out that the government is making progress in areas related to decreasing CO2 and increasing fuel mileage. He points out that "new vehicle fuel economy has increased by 12 percent since 2008" and a number of other steps and initiatives. While nice, it's still cold comfort to those who would just like to see an end to the virtual monopoly independent auto dealers have on vehicle sales. News Source: The White HouseImage Credit: Joe Raedle/Getty Government/Legal Green Tesla Tesla store