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Detroit automakers say Trump’s UK trade deal unfairly favors foreign cars

A trade group representing Detroit’s big three automakers, Ford, GM, and Stellantis, issued a statement late Thursday criticizing the Trump administration’s fresh trade deal with the UK.

We are disappointed that the administration prioritized the UK ahead of our North American partners, Matt Blunt, president of the American Automotive Policy Council, said. Under this deal, it will now be cheaper to import a UK vehicle with very little US content than a USMCA compliant vehicle from Mexico or Canada that is half American parts.

Under Thursday’s deal, the tariff rate on cars imported from the UK will fall from 27.5% to 10% for up to 100,000 vehicles. According to the Society of Motor Manufacturers and Traders, a UK trade org, that’s just 2,000 fewer vehicles than the US imported from the UK in all of 2024 — essentially lowering the tariff on all UK vehicle imports to 10%.

This hurts American automakers, suppliers, and auto workers, Blunt said. We hope this preferential access for UK vehicles over North American ones does not set a precedent for future negotiations with Asian and European competitors.

Ford recently told investors it expects a $1.5 billion cost from tariffs this year. GM put its anticipated charge at up to $5 billion.

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Paramount Skydance reportedly preparing an Ellison-backed Warner Bros. Discovery takeover bid, sending shares soaring

Paramount Skydance is preparing a majority cash bid for Warner Bros. Discovery, The Wall Street Journal reported, sending shares of both companies surging. The Journal’s sources say the deal is backed by the Ellison family, led by David Ellison.

WBD shares were up 30% on the report, while Paramount Skydance jumped 8%.

The offer would cover WBD’s entire business — cable networks, movie studios, the whole enchilada. That comes after WBD announced plans last year to split into two divisions: one for streaming and studios, the other for its traditional cable and TV assets. A recent Wells Fargo note gave WBD a price target hike, primarily because the analysts viewed it as a prime takeover candidate.

If the deal goes through, it would bring together HBO, CNN, DC Studios, and Warner Bros.’ film library with Paramount+, Nickelodeon, and MTV, all under one umbrella.

The offer would cover WBD’s entire business — cable networks, movie studios, the whole enchilada. That comes after WBD announced plans last year to split into two divisions: one for streaming and studios, the other for its traditional cable and TV assets. A recent Wells Fargo note gave WBD a price target hike, primarily because the analysts viewed it as a prime takeover candidate.

If the deal goes through, it would bring together HBO, CNN, DC Studios, and Warner Bros.’ film library with Paramount+, Nickelodeon, and MTV, all under one umbrella.

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Fox and News Corp slide as investors digest $3.3 billion Murdoch succession settlement

Fox and News Corp shares dropped on Tuesday after Rupert Murdoch’s heirs agreed to a $3.3 billion settlement to resolve a long-running succession drama.

Under the deal, Prudence, Elisabeth, and James Murdoch will each receive about $1.1 billion, paid for in part by Fox selling 16.9 million Class B voting shares and News Corp selling 14.2 million shares. The stock sales will raise roughly $1.37 billion on behalf of the three heirs.

The new trust for Lachlan Murdoch will now control about 36.2% of Fox’s Class B shares and roughly 33.1% of News Corp’s stock, granting him uncontested voting authority over both companies for the next 25 years. Originally, the Murdoch trust was designed to hand over voting control of Fox and News Corp to Prudence, Elisabeth, Lachlan, and James after his death.

Investors are weighing the trade-off. Clear leadership under Lachlan may resolve conflict internally, but the share dilution, executed at a roughly 4.5% discount, means long-term investors now hold slightly less clout than before.

Both companies’ stocks were trading close to all-time highs prior to the announcement.

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