Trump names Mick Mulvaney acting White House chief of staff, replacing John Kelly

President Donald Trump named Mick Mulvaney, director of the Office of Management and Budget, as his acting chief of staff. One source told NBC News that Trump was desperate to kill the narrative that no one wanted to be his chief of staff. A White House official told NBC Mulvaney’s term as acting chief of staff is “indefinite” and did not rule out that he could eventually be bumped up to chief of staff. One person told NBC that Mulvaney wanted to step into the role with a safe exit in place, if


President Donald Trump named Mick Mulvaney, director of the Office of Management and Budget, as his acting chief of staff. One source told NBC News that Trump was desperate to kill the narrative that no one wanted to be his chief of staff. A White House official told NBC Mulvaney’s term as acting chief of staff is “indefinite” and did not rule out that he could eventually be bumped up to chief of staff. One person told NBC that Mulvaney wanted to step into the role with a safe exit in place, if
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Keywords: news, cnbc, companies, trump, names, nbc, kelly, house, chief, john, replacing, told, white, director, mulvaney, president, staff, role, mick, acting


Trump names Mick Mulvaney acting White House chief of staff, replacing John Kelly

President Donald Trump named Mick Mulvaney, director of the Office of Management and Budget, as his acting chief of staff.

The White House budget director responded to the president’s tweet, calling it a “tremendous honor.”

The Friday announcement follows a week of speculation about who would succeed John Kelly in the role. On Saturday, Trump announced that the retired Marine Corps general would exit the administration by the end of the year.

The short list of potential replacements for Kelly reportedly included Treasury Secretary Steven Mnuchin, U.S. Trade Representative Robert Lighthizer, former New Jersey Gov. Chris Christie, and Vice President Mike Pence’s chief of staff, Nick Ayers.

Earlier Friday, Christie issued a statement asking the president to remove him from consideration for the position. One source told NBC News that Trump was desperate to kill the narrative that no one wanted to be his chief of staff.

A White House official told NBC Mulvaney’s term as acting chief of staff is “indefinite” and did not rule out that he could eventually be bumped up to chief of staff. Two sources told NBC that Mulvaney was the one who requested the “acting” title. One person told NBC that Mulvaney wanted to step into the role with a safe exit in place, if needed.

White House communications director Bill Shine told NBC that Mulvaney was picked because Trump likes and gets along with him. He said Mulvaney is “politically savvy” and “fiscally responsible.”

Mulvaney is a Republican former congressman from South Carolina and was a member of the hard-line conservative Freedom Caucus. He also recently served as the acting director for the Consumer Financial Protection Bureau, until last week when the Senate approved Trump’s nominee Kathy Kraninger to lead the watchdog agency.

A person familiar with the matter told CNBC that Russ Vought, deputy director of the Office of Management & Budget, will take on more of a leadership role at the agency.

Mulvaney had been floated as a possible chief of staff replacement as early as February when Kelly came under fire for his handling of a top aide’s domestic abuse scandal.

Kelly’s tenure as chief of staff has been plagued by tensions and confrontations with Trump and other members of the administration. He had succeeded Reince Priebus, the former head of the Republican Party who spent less than a year in the job.


Company: cnbc, Activity: cnbc, Date: 2018-12-14  Authors: christine wang, mandel ngan, afp, getty images
Keywords: news, cnbc, companies, trump, names, nbc, kelly, house, chief, john, replacing, told, white, director, mulvaney, president, staff, role, mick, acting


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Time magazine says the US ‘remains a free and fair press’

Despite the White House ramping up its rhetoric, the United States remains a free and fair press, Ben Goldberger the assistant managing editor of Time magazine told CNBC on Wednesday. The year 2018 has been marked by manipulation, abuse of truth, along with efforts by governments to instigate mistrust of the facts, the magazine said in an essay when it named killed and imprisoned journalists as Person of the Year for 2018 on Tuesday. “There’s no doubt that the rhetoric from the White House about


Despite the White House ramping up its rhetoric, the United States remains a free and fair press, Ben Goldberger the assistant managing editor of Time magazine told CNBC on Wednesday. The year 2018 has been marked by manipulation, abuse of truth, along with efforts by governments to instigate mistrust of the facts, the magazine said in an essay when it named killed and imprisoned journalists as Person of the Year for 2018 on Tuesday. “There’s no doubt that the rhetoric from the White House about
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Time magazine says the US 'remains a free and fair press'

Despite the White House ramping up its rhetoric, the United States remains a free and fair press, Ben Goldberger the assistant managing editor of Time magazine told CNBC on Wednesday.

The year 2018 has been marked by manipulation, abuse of truth, along with efforts by governments to instigate mistrust of the facts, the magazine said in an essay when it named killed and imprisoned journalists as Person of the Year for 2018 on Tuesday.

“There’s no doubt that the rhetoric from the White House about the demonization of the media as ‘the enemy of the people,’ or the willingness to dismiss anything including credible news reporting as fake news, is incredibly worrisome and chilling,” Goldberger said. “But that said, I return to what I said about the United States — this remains a free and fair press.”

“Journalists here enjoy legal protections that are the envy of those in virtually every other country,” he added.


Company: cnbc, Activity: cnbc, Date: 2018-12-12  Authors: harini v, kena betancur, afp, getty images, -ben goldberger, assistant managing editor of time magazine
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GoPro is moving camera production out of China, citing tariff worries

GoPro announced Monday it is pulling camera production for the U.S. market out of China by the summer to avoid being caught up in the Washington-Beijing trade war. Production will continue in China for non-U.S.-bound cameras, the company said. “Today’s geopolitical business environment requires agility, and we’re proactively addressing tariff concerns by moving most of our US-bound camera production out of China,” said Brian McGee, executive vice president and CFO of GoPro. “We believe this dive


GoPro announced Monday it is pulling camera production for the U.S. market out of China by the summer to avoid being caught up in the Washington-Beijing trade war. Production will continue in China for non-U.S.-bound cameras, the company said. “Today’s geopolitical business environment requires agility, and we’re proactively addressing tariff concerns by moving most of our US-bound camera production out of China,” said Brian McGee, executive vice president and CFO of GoPro. “We believe this dive
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Keywords: news, cnbc, companies, moving, gopro, cameras, white, worries, camera, production, china, mcgee, tariff, citing, business, trade


GoPro is moving camera production out of China, citing tariff worries

GoPro announced Monday it is pulling camera production for the U.S. market out of China by the summer to avoid being caught up in the Washington-Beijing trade war.

Production will continue in China for non-U.S.-bound cameras, the company said. GoPro was down 1 percent in midday trading.

“Today’s geopolitical business environment requires agility, and we’re proactively addressing tariff concerns by moving most of our US-bound camera production out of China,” said Brian McGee, executive vice president and CFO of GoPro. “We believe this diversified approach to production can benefit our business regardless of tariff implications.”

The trade war between the U.S. and China has been escalating in recent months until a 90-day pause the White House said both countries’ leaders agreed to on Dec. 1.

GoPro said it owns the production equipment it uses to manufacture cameras, and relies on its manufacturing partner in China only for its facilities. Because of this, McGee said in a statement, “we expect to make this move at a relatively low cost.”


Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: lauren feiner, david paul morris, bloomberg, getty images, brendan mcdermid
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Trump backs $750 billion defense budget request to Congress, says US official

U.S. President Donald Trump has backed plans to request $750 billion from Congress for defense spending next year, a U.S. official said on Sunday, signaling a Pentagon spending hike at a time of potential belt-tightening elsewhere in the government. The $750 billion would be even more than the $733 billion request that the Pentagon had been expected to make for fiscal year 2020. It is also well above a $700 billion figure Trump cited in October. A U.S. official, speaking on condition of anonymit


U.S. President Donald Trump has backed plans to request $750 billion from Congress for defense spending next year, a U.S. official said on Sunday, signaling a Pentagon spending hike at a time of potential belt-tightening elsewhere in the government. The $750 billion would be even more than the $733 billion request that the Pentagon had been expected to make for fiscal year 2020. It is also well above a $700 billion figure Trump cited in October. A U.S. official, speaking on condition of anonymit
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Trump backs $750 billion defense budget request to Congress, says US official

U.S. President Donald Trump has backed plans to request $750 billion from Congress for defense spending next year, a U.S. official said on Sunday, signaling a Pentagon spending hike at a time of potential belt-tightening elsewhere in the government.

Trump, faced with a budget deficit at a six-year high, told his Cabinet earlier this year to come up with proposals to cut spending by their agencies by 5 percent, but he suggested the military would be largely spared.

The $750 billion would be even more than the $733 billion request that the Pentagon had been expected to make for fiscal year 2020. It is also well above a $700 billion figure Trump cited in October.

A U.S. official, speaking on condition of anonymity, said Defense Secretary Jim Mattis had discussed the budget with Trump in recent days and outlined the risks of flat defense spending.

The official said that it was clear during that discussion that Trump wanted to “accelerate the progress his administration has made in rebuilding the military.”

In August, Trump signed a $716 billion defense policy bill.

The White House did not immediately respond to a request for comment.


Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: drew angerer i getty images
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Nick Ayers rules out role as new White House chief of staff

Nick Ayers, Vice President Mike Pence’s chief of staff, will not be tapped to fill the vacancy left by departing White House chief of staff John Kelly, and will exit the Trump administration by year’s end. Yet the president, eager to tamp down on the storyline of his White House in chaos, wants Ayers to stay on full time. A source familiar with the matter told CNBC the president is expected to make a decision by year’s end. Kelly is expected to depart his role as White House Chief of Staff by th


Nick Ayers, Vice President Mike Pence’s chief of staff, will not be tapped to fill the vacancy left by departing White House chief of staff John Kelly, and will exit the Trump administration by year’s end. Yet the president, eager to tamp down on the storyline of his White House in chaos, wants Ayers to stay on full time. A source familiar with the matter told CNBC the president is expected to make a decision by year’s end. Kelly is expected to depart his role as White House Chief of Staff by th
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Nick Ayers rules out role as new White House chief of staff

Nick Ayers, Vice President Mike Pence’s chief of staff, will not be tapped to fill the vacancy left by departing White House chief of staff John Kelly, and will exit the Trump administration by year’s end.

On Sunday, The Wall Street Journal and NBC News, citing sources familiar with the mater, reported that Ayers and President Donald Trump were unable to agree on a time-frame for him to serve, effectively ending negotiations for the 36-year old political veteran to take the senior administration role.

On Twitter, Ayers confirmed that he was leaving Washington, but said he would continue to work to advance the president’s policy goals.

NBC and The New York Times reported on Saturday that Ayers was only willing to commit to an interim term through the spring, as his family is expected return to Georgia, citing people familiar with the discussions. Yet the president, eager to tamp down on the storyline of his White House in chaos, wants Ayers to stay on full time.

Rep. Mark Meadows, the chairman of the House Freedom Caucus, is now being considered at the retired general’s permanent replacement, Axios reported on Sunday, citing unnamed sources. A source familiar with the matter told CNBC the president is expected to make a decision by year’s end.

Kelly is expected to depart his role as White House Chief of Staff by the end of the year, Trump announced on Saturday, ending a tenure marked by tensions with his boss and confrontations with other key administration figures.

Kelly’s departure follows several months of controversy and turmoil, and comes at a time when the president’s agenda is imperiled by a midterm election in which Democrats recaptured the House of Representatives. The chief of staff vacancy is just the latest changing of the guard at the administration’s highest levels, which includes the U.S. Attorney General, United Nations ambassador and Joint Chiefs of Staff.


Company: cnbc, Activity: cnbc, Date: 2018-12-09  Authors: javier e david, jonathan ernst, getty images
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Trump announces John Kelly to depart White House by year’s end

John Kelly is expected to depart his role as White House Chief of Staff by the end of the year, President Donald Trump said on Saturday, ending a tenure marked by tensions with his boss and confrontations with other key administration figures. The president announced the news on the front lawn on the White House, following days of swirling speculation around the retired Marine Corps general’s exit for months amid disagreements with Trump. Nevertheless, in his brief remarks to reporters, Trump ca


John Kelly is expected to depart his role as White House Chief of Staff by the end of the year, President Donald Trump said on Saturday, ending a tenure marked by tensions with his boss and confrontations with other key administration figures. The president announced the news on the front lawn on the White House, following days of swirling speculation around the retired Marine Corps general’s exit for months amid disagreements with Trump. Nevertheless, in his brief remarks to reporters, Trump ca
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Keywords: news, cnbc, companies, kelly, house, months, chief, reported, depart, staff, end, john, trump, ayers, white, president, announces


Trump announces John Kelly to depart White House by year's end

John Kelly is expected to depart his role as White House Chief of Staff by the end of the year, President Donald Trump said on Saturday, ending a tenure marked by tensions with his boss and confrontations with other key administration figures.

Kelly’s departure follows several months of controversy and turmoil, and comes at a time when the president’s agenda is imperiled by a midterm election in which Democrats recaptured the House of Representatives. The chief of staff vacancy is just the latest changing of the guard at the administration’s highest levels, which includes the U.S. Attorney General, United Nations ambassador and Joint Chiefs of Staff.

The president announced the news on the front lawn on the White House, following days of swirling speculation around the retired Marine Corps general’s exit for months amid disagreements with Trump. Nevertheless, in his brief remarks to reporters, Trump called Kelly “a great guy” and that he appreciated his service.

“We’ll be announcing who will be taking John’s place” over the next day or two, Trump said, en route to the annual Army-Navy football game. Vice President Mike Pence’s chief of staff, Nick Ayers, is reportedly among the candidates who could succeed Kelly, but Reuters reported that the parties were still thrashing out the details.

NBC News and The New York Times reported on Saturday that Ayers was only willing to commit to an interim term through the spring, as his family is expected return to Georgia, citing people familiar with the discussions. Yet the president, eager to tamp down on the storyline of his White House in chaos, wants Ayers to stay on full time.


Company: cnbc, Activity: cnbc, Date: 2018-12-08  Authors: jacob pramuk, javier e david, christina wilkie, tucker higgins, saul loeb, afp, getty images
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It was a ‘mistake’ for Trump to agree on a trade ceasefire with China at G-20, researcher says

U.S. President Donald Trump and Chinese President Xi Jinping’s tariff ceasefire agreement over the weekend in Argentina was “a mistake” that undermines the global trading system, an expert told CNBC on Tuesday. The two world leaders agreed to put any escalations to their trade war on pause at the G-20 summit in Buenos Aires. “The deal is a mistake because it undermines the global trading system, will divert trade from other countries and will not reduce the U.S. trade deficit anyway,” he told CN


U.S. President Donald Trump and Chinese President Xi Jinping’s tariff ceasefire agreement over the weekend in Argentina was “a mistake” that undermines the global trading system, an expert told CNBC on Tuesday. The two world leaders agreed to put any escalations to their trade war on pause at the G-20 summit in Buenos Aires. “The deal is a mistake because it undermines the global trading system, will divert trade from other countries and will not reduce the U.S. trade deficit anyway,” he told CN
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It was a 'mistake' for Trump to agree on a trade ceasefire with China at G-20, researcher says

U.S. President Donald Trump and Chinese President Xi Jinping’s tariff ceasefire agreement over the weekend in Argentina was “a mistake” that undermines the global trading system, an expert told CNBC on Tuesday.

The two world leaders agreed to put any escalations to their trade war on pause at the G-20 summit in Buenos Aires. The U.S. will leave tariffs on more than $200 billion worth of Chinese products at 10 percent, but will wait 90 days before raising those to a previously threatened 25 percent level as the two countries continue negotiations, according to the White House.

Markets initially cheered the ceasefire, but that optimism was short-lived. Several inconsistencies — in statements by Beijing and Washington, and within the White House — suggested that both sides would not be able to find a common ground within the 90-day period and reignited worries that the tariff fight could slow down the global economy.

For Adam Triggs, director of research for the Asian Bureau of Economic Research at Australian National University, there are more reasons to dislike the deal than just it’s tight time frame.

“The deal is a mistake because it undermines the global trading system, will divert trade from other countries and will not reduce the U.S. trade deficit anyway,” he told CNBC in a Tuesday email. “It’s also a mistake because there are genuine problems in the trading system which the G-20 should be addressing.”

That is, according to Triggs, a multinational group such as the G-20 should have been deployed to create a multilateral agreement on issues such as the need to remove barriers to trade in services.

“Trump’s constant focus on bilateral deals distracts the G-20 from these real issues,” he added. “These are issues that can only be solved multilaterally, not bilaterally.”

According to a statement from the White House, “China has agreed to start purchasing agricultural product from our farmers immediately.” For Triggs, that was evidence that Trump’s bilateral deal will hit other nations: “China is currently buying agricultural products etc. from other countries … If China is forced to buy more from the U.S. then history shows it will reduce how much it buys from these other countries.”


Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: harini v, jim watson, afp, getty images, kevin lemarque
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Trump says there will be a ‘REAL DEAL’ or no deal at all with China

U.S. President Donald Trump, in a Twitter post on Tuesday evening, said America is going to have a “REAL DEAL” or “no deal at all” with China. Trump said if the two countries cannot agree on a deal, the U.S. will proceed with “major Tariffs” against Chinese products. “Ultimately, I believe, we will be making a deal — either now or into the future,” the president said. At around the same time, China’s Ministry of Commerce said in a statement on its website that the weekend meeting between Trump a


U.S. President Donald Trump, in a Twitter post on Tuesday evening, said America is going to have a “REAL DEAL” or “no deal at all” with China. Trump said if the two countries cannot agree on a deal, the U.S. will proceed with “major Tariffs” against Chinese products. “Ultimately, I believe, we will be making a deal — either now or into the future,” the president said. At around the same time, China’s Ministry of Commerce said in a statement on its website that the weekend meeting between Trump a
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Trump says there will be a 'REAL DEAL' or no deal at all with China

U.S. President Donald Trump, in a Twitter post on Tuesday evening, said America is going to have a “REAL DEAL” or “no deal at all” with China.

Trump said if the two countries cannot agree on a deal, the U.S. will proceed with “major Tariffs” against Chinese products. “Ultimately, I believe, we will be making a deal — either now or into the future,” the president said.

At around the same time, China’s Ministry of Commerce said in a statement on its website that the weekend meeting between Trump and Chinese President Xi Jinping was successful. The ministry also said the two countries will push ahead with negotiations within 90 days, and Beijing will work to address issues agreed upon as quickly as possible.

Trump and Xi met at the G-20 summit in Argentina over the weekend. There, the American president agreed to not raise tariffs on $200 billion worth of Chinese imports from 10 percent to 25 percent in January as he had previously threatened, according to a statement from the White House. But, if the two countries fail to reach a deal at the end of 90 days, the threatened tariffs will be implemented, the statement said.

Markets globally initially cheered the outcome of the meeting, but that optimism was short-lived. Several inconsistencies — in statements by Beijing and Washington, and within the White House — led many experts to believe that both sides would not be able to find a common ground in time and reignited worries that the tariff fight could slow down the global economy.


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Trump says he believes China’s Xi Jinping on trade tariff truce

President Donald Trump said Wednesday that he trusts Chinese President Xi Jinping’s word on commitments to trade reforms, amid confusion about what the two leaders actually agreed to as part of their weekend trade truce. The leaders are trying to come to terms over what the Trump administration calls unfair trade practices. In tweets Wednesday morning, Trump pushed back on reports that China may not swiftly address the White House’s concerns. “Not to sound naive or anything, but I believe Presid


President Donald Trump said Wednesday that he trusts Chinese President Xi Jinping’s word on commitments to trade reforms, amid confusion about what the two leaders actually agreed to as part of their weekend trade truce. The leaders are trying to come to terms over what the Trump administration calls unfair trade practices. In tweets Wednesday morning, Trump pushed back on reports that China may not swiftly address the White House’s concerns. “Not to sound naive or anything, but I believe Presid
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Trump says he believes China's Xi Jinping on trade tariff truce

President Donald Trump said Wednesday that he trusts Chinese President Xi Jinping’s word on commitments to trade reforms, amid confusion about what the two leaders actually agreed to as part of their weekend trade truce.

The world’s two largest economies agreed to halt an escalating series of tariffs following a face to face meeting between Trump and Xi at the G-20 summit in Argentina on Saturday. But Trump’s claims about what China conceded have muddled the start of a 90-day window for talks to reach an agreement. The leaders are trying to come to terms over what the Trump administration calls unfair trade practices. The mixed messages coming from the White House helped to sink U.S. stock markets on Tuesday.

In tweets Wednesday morning, Trump pushed back on reports that China may not swiftly address the White House’s concerns. He said Beijing sent “very strong signals” about taking action on trade after a “long trip, including stops,” home from Argentina.

“Not to sound naive or anything, but I believe President Xi meant every word of what he said at our long and hopefully historic meeting. ALL subjects discussed!” the president tweeted.

Trump, a president who often declares victory even in the absence of concrete progress, quickly touted major Chinese concessions following the meeting Saturday. He said Monday that China would “immediately” start purchasing more agricultural products and “reduce and remove tariffs” on auto imports — statements that White House officials and the Chinese government struggled to clarify in the ensuing days.


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No deal on auto tariffs as White House backpedals, Volvo threatens to move jobs overseas

“That will not work,” Samuelsson added, noting that Volvo would consider shifting some production from Charleston to China, impacting production levels and hiring at the plant. He concluded by describing himself as a “Tariff Man,” adding that the U.S. is “now taking in $billions in Tariffs. Perhaps, but the auto industry, in particular, has been hard hit by both the Chinese trade war and tariffs on imported aluminum and steel. BMW said it employs 10,000 people at its Spartanburg plant and has pl


“That will not work,” Samuelsson added, noting that Volvo would consider shifting some production from Charleston to China, impacting production levels and hiring at the plant. He concluded by describing himself as a “Tariff Man,” adding that the U.S. is “now taking in $billions in Tariffs. Perhaps, but the auto industry, in particular, has been hard hit by both the Chinese trade war and tariffs on imported aluminum and steel. BMW said it employs 10,000 people at its Spartanburg plant and has pl
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No deal on auto tariffs as White House backpedals, Volvo threatens to move jobs overseas

But with tariffs at 40 percent, analysts have measured a sharp slowdown in demand for American made vehicles.

“We…thought Charleston could build cars for China,” Volvo’s global CEO Hakan Samuelsson told USA Today during an interview at the Los Angeles Auto Show last Wednesday. “That will not work,” Samuelsson added, noting that Volvo would consider shifting some production from Charleston to China, impacting production levels and hiring at the plant.

Other automakers could follow.

Industry officials continue to hope for a quick settlement, but the fast retreat from Trump’s earlier statements isn’t offering them encouragement.

“It doesn’t seem like anything was actually agreed to at the dinner and White House officials are contorting themselves into pretzels to reconcile Trump’s tweets (which seem if not completely fabricated then grossly exaggerated) with reality,” said an investor note issued by JPMorgan.

Discerning what is real right now isn’t easy. Trump’s National Economic Council advisor Larry Kudlow tried to strike an update note while acknowledging to Fox News a deal “hasn’t been signed and sealed and delivered yet.”

The president himself offered what could, at best, be called a confusing attempt at clarification. His Tuesday tweets said “The negotiations with China have already started,” Trump adding that his White House team will be “seeing whether or not a REAL deal with China is actually possible. If it is, we will get it done.”

He concluded by describing himself as a “Tariff Man,” adding that the U.S. is “now taking in $billions in Tariffs. MAKE AMERICA RICH AGAIN.”

Perhaps, but the auto industry, in particular, has been hard hit by both the Chinese trade war and tariffs on imported aluminum and steel. The latter duties will cost General Motors and Ford about $1 billion each, the companies have now estimated. Lower exports to China will further strain their balance sheets.

Trump, meanwhile, last week signaled he is still itching to open up a third front in his global trade war, urging Congress to support what could be up to 25 percent tariffs on vehicles imported from other trade partners, such as Germany. Leaders of the European Union have signaled they would echo the response of China, saddling U.S.-made vehicles with new tariffs in response.

European auto industry leaders met with the president on Tuesday and the White House issued a statement saying, Trump “shared his vision of all automakers producing in the United States and creating a more friendly business environment.”

In fact, European automakers have rapidly expanded their manufacturing base in the U.S. in recent years. That includes not only the new Volvo plant but also at the BMW Spartanburg facility and Daimler AG’s Mercedes-Benz factory in Vance, Alabama.

BMW said it employs 10,000 people at its Spartanburg plant and has plans to hire 1,000 more by 2021.

“Free trade has made the success story of BMW in the US possible,” the company said in a statement Tuesday, adding that 70 percent of the cars made in Spartanburg last year were exported to more than 120 countries. China was the No. 1 destination followed by the company’s home country Germany. The company said it wants to ramp up production in North America and is considering — although hasn’t yet decided — whether to set up a second plant in the U.S. to make power trains.

The stock market pulled back Tuesday with the Dow falling by as much as 800 points after an initial surge, reflecting Trump’s misdirection on trade talks. General Motors, which not only exports some models to China but also imports the Chinese-made Envision SUV, fell 5 percent to $36.52 a share. Ford slid 4.4 percent to $9.18 a share. Toyota dropped 1.72 percent to $120.88 a share.

One of the few automotive stocks to score a gain on Tuesday was Tesla which only recently began work on a new factory in Shanghai that eventually will let it sidestep the tariff battle. The California-based electric vehicle manufacturer was one of the few automakers that didn’t fall, closing up by less than 1 percent to $359.70 a share.

WATCH: Twelve US execs explain how Trump’s trade war affects their bottom lines


Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: paul a eisenstein, vcg, visual china group, getty images
Keywords: news, cnbc, companies, threatens, deal, backpedals, automakers, spartanburg, plant, house, war, overseas, production, jobs, auto, china, white, trumps, trade, volvo, tariffs


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