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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.

Volkswagen profit jumps as it warns of a cooling auto market

FRANKFURT, Germany — Volkswagen says its profits jumped 44% in the third quarter thanks to a more profitable mix of vehicles in its lineup but warned that global car markets are slowing more than expected and lowered its forecast for annual sales. After-tax profit rose to $4.42 billion (3.98 billion euros) as revenues rose 11% to $68.27 billion (61.42 billion euros). The sales margin of 7.8% exceeded the goal of 6.5-7.5% as vehicles bringing higher profits took a larger share of sales. The Wolfsburg-based automaker pointed to the headwinds facing the industry by saying that it expects "vehicle markets will contract faster than previously anticipated in many regions of the world." It said sales would be "on a level" with last year's record of 10.8 million vehicles. Previously it had expected a slight increase. The company said its profits would be in the lower end of its forecast range. Global automakers are facing a slowdown in sales amid disputes over trade and from pressure in the European Union and China to develop and sell low-emission vehicles that require heavy investment in new technology. Ford and Renault have issued profit warnings in recent days, while Daimler, maker of Mercedes-Benz luxury cars, lost money in the second quarter and is expected to outline a cost-cutting strategy for investors on Nov. 14. Volkswagen is leading the push into electric vehicles in Europe by launching its ID.3 battery-powered compact car at prices it says will make zero local emission vehicles a mass phenomenon. The company was able to increase earnings in the quarter despite an 18% rise in spending on research and development.

2020 Bentley Continental GT V8 First Drive Review | 8 is the new baker's dozen

Certain objects are so well known for arriving in groups of twelve that their dodecameralism is almost presumed. This list includes eggs, donuts, roses, inches, hours, months, human ribs, days of Christmas and, correlatively, drummers drumming. We can add to that group the number of cylinders under the hood of a contemporary Bentley. Since 2003, when the venerable British brand rolled out its modern Continental GT, it has sold more than 70,000 of these models, a notable number with an inventive, twin-turbocharged 12-cylinder engine, arrayed in a W configuration. Unfortunately, the flying-B brand has been having some difficulty meeting certification requirements for its alluring, all-new, 12-cylinder-equipped Continental GT coupe and convertible, which have yet to appear in the States, despite a full two years having lapsed since their unveiling. Fortunately, to stem the tide of demand, the crew from Crewe has certified a version of the Porsche-designed 542-horsepower, 568 pound-feet 4.0-liter, twin-turbo V8 from the Panamera for use in their new two-door, backed up by an eight-speed dual-clutch transmission. It will be available for purchase here, this fall — before it is offered to any other market — by those with 220,000 spare dollars. Even more fortunate, we just had the chance to drive it through the coastal, mountainous and curvy vineyard regions of Northern California, and we can assure you that, while we still believe Bentley GTs deserve twelve cylinders, eight is the new baker's dozen. Unless you've spent extended time piloting the Continental GT W12 through some of the most beautiful mountainous regions of Europe and America, as we have, you might not notice the one-third reduction in cylinders, or the 84-horsepower depreciation in output. According to Bentley, the less powerful but lighter motor adds only 0.2 seconds to the 0-60 run (3.8 versus 3.6 for the coupe, 3.9 versus 3.7 for the convertible) not enough of a differential to tip our own internal accelerometer. It also foregoes cresting 200 mph like its bigger brother can, not that there's anywhere you can hit these speeds safely in America anyway. The V8 also, as referenced above, subtracts a couple hundred pounds from the total weight of the GT, not that this matters all that much in a vehicle that weighs 2.5 tons, but it does take a modicum of gravitational pressure off the front axle. Is it noticeable on first blush?