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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.

Car and Driver 10Best list cracked by Tesla Model S, BMW 3 Series left off

Car and Driver is keeping new blood pumping into its annual 10Best cars list with three new entries making it on for 2015 and a perennial favorite falling off. Among the biggest shocks this year is that the BMW 3 Series and 4 Series are no longer named, despite years of some portion of that lineup earning a mention. In another surprise, the Tesla Model S (specifically in S 60 trim to fit under the $80,000 cost cap) makes it to the 2015 roster and is the only electrically motivated member of the group. Despite the loss of the 3 Series, BMW isn't entirely shut out this year, because the M235i gets its name on the list. Car and Driver argues that the little coupe feels like a welcome throwback to the E46 chassis M3 of the early 2000s. In addition to the Model S, the final newbie to the annual group is the 2015 Ford Mustang GT. The inclusion of these new members knocks the Audi A6/A7 family and Ford Fiesta ST out from the 2014 rundown. The other seven models carry over from last year, including the Cadillac CTS, Chevrolet Corvette Stingray, Honda Accord, Mazda3, Mazda6, Porsche Boxster/Cayman and Volkswagen Golf/GTI. The 2015 10Best cars list certainly seems to have something for everyone from the hot hatch fan to the family man and even the green car driver, thanks to the addition of the Tesla. Head over to Car and Driver to read its detailed explanations for each vehicle's inclusion, but if you've got a difference of opinion or just really like the list, let us know in Comments. Featured Gallery Car and Driver 2015 10Best Cars List View 10 Photos News Source: Car and DriverImage Credit: Car and Driver, BMW, Cadillac, Chevrolet, Ford, Honda, Mazda, Porsche, Tesla, Volkswagen Auto News BMW Cadillac Chevrolet Ford Honda Mazda Porsche Tesla Volkswagen Convertible Coupe Hatchback Performance Sedan 10Best

Tesla sending free replacement wall charger adapters after garage fire [UPDATE]

Tesla Motors is about to mail off a lot of packages. The California-based electric vehicle manufacturer is going to send out replacement, upgraded wall charger adapters to customers with official Tesla charging units. The reason is a recent garage fire that involved a Tesla Model S and a company wall charger, even though fire investigators said that the car was not responsible and Tesla said the wall unit did not play a role in the blaze. Tesla CEO Elon Musk said in an interview with Bloomberg today that replacement adapters will be mailed out in the next two weeks. Musk said fires and overheating adapters are "very rare events, but occasionally the wiring isn't done right. We want people to have absolute comfort, so we're going to be providing them with an upgraded adapter." The new adapter has a thermal fuse that will shut off if it gets too hot. Musk did not say why the original wall charger adapter apparently did not have a thermal fuse in the design. AutoblogGreen has asked Tesla how many adapters will be sent out and if this is a global or US-only replacement program, but as of press time, we have not received a response. We're also not sure if this will trigger a recall - the adapter is not, technically, part of the car - and hope Tesla can clarify this point soon. Tesla's first reaction to that garage fire in November was to update its charger software to automatically reduce the charge current under certain circumstances. To date, that incident in Irvine, CA is the only garage fire involving a Tesla wall charger that has been made public, but there are multiple reports of Tesla wall chargers heating up and melting, (see here, here or here), so it appears Tesla is trying to be safe rather than sorry. UPDATE: Tesla has issued a press release on this program, which is now available below. TESLA PROVIDES CUSTOMERS WITH UPGRADED CHARGING SOFTWARE AND ADAPTER FRIDAY, JANUARY 10, 2014 PALO ALTO, Calif. – A variety of factors such as corrosion, physical damage to receptacles, or inappropriate wiring or installation of electrical outlets can cause higher than normal electrical resistance when using the Universal Mobile Connector ("UMC") NEMA 14-50 adapters to charge Tesla Model S vehicles. When charging, higher than normal electrical resistance connections to external energy sources may cause excessive heating of the adapter.