Cadillac Wary of Trump's Escalating Trade War with China
*By Christian Smith*
The uncertainty of the United States' economic relationship with China is concerning to Cadillac's president Steve Carlisle.
In an interview with Cheddar Monday, he said that market is incredibly important for the automaker's growth.
"In the short term it doesn't impact our business at all, but certainly we'd appreciate the clarity of what the future holds as we plan our business," Carlisle said.
"Certainly we're advocates of freer, more open trade, and particularly in the case of China we would hope that would come to a successful conclusion somehow sooner as opposed to later," he added.
America's trade relations with China have been in question since President Trump announced in January he would impose new tariffs on solar panels and washing machines, two key Chinese exports. Roughly two months later, the commander-in-chief announced additional taxes on $2.7 billion worth of aluminum and steel imports from China. In retaliation, the Chinese government announced new tariffs of its own on American exports to the tune of $2.4 billion. The back-and-forth has only escalated since then ー so far tariffs have been levied on $50 billion worth of Chinese goods with as much as $467 billion on the docket.
The auto industry is among the sectors most affected by the trade war, since it relies heavily on imported raw materials to produce cars.
Annual Cadillac sales in China surpassed its U.S. sales for the first time in 2017, according to a [report](https://www.wsj.com/articles/china-emerges-as-cadillacs-top-market-a-decade-sooner-than-expected-1515183273) by The Wall Street Journal. And accessing the Chinese market will play a pivotal role in the success of Cadillac's first-ever compact crossover, the XT4, which will hit the market this fall.
Carlisle said the car manufacturer decided to get into the crossover game because it's the fastest-growing segment globally.
"I think it's actually a great time for XT4 to be leading our new series of launches," Carlisle said.
"We have a new product launch every six months for the next three years, and what better place to start than what has established itself as the hottest sector in the auto industry."
The XT4 goes on sale this fall and will start at a price of $35,790.
For full interview [click here](https://cheddar.com/videos/cadillac-unveils-new-compact-crossover-xt4).
Orangetheory Fitness is redefining the future of workouts with smarter tech, strength-based programming, and community-driven studios built for what’s next.
Spain's government has fined Airbnb 64 million euros or $75 million for advertising unlicensed tourist rentals. The consumer rights ministry announced the fine on Monday. The ministry stated that many listings lacked proper license numbers or included incorrect information. The move is part of Spain's ongoing efforts to regulate short-term rental companies amid a housing affordability crisis especially in popular urban areas. The ministry ordered Airbnb in May to remove around 65,000 listings for similar violations. The government's consumer rights minister emphasized the impact on families struggling with housing. Airbnb said it plans to challenge the fine in court.
Roomba maker iRobot has filed for Chapter 11 bankruptcy protection, but says that it doesn’t expect any disruptions to devices as the more than 30-year-old company is taken private under a restructuring process. iRobot said that it is being acquired by Picea through a court-supervised process. Picea is the company's primary contract manufacturer. The Bedford, Massachusetts-based anticipates completing the prepackaged chapter 11 process by February.
Serbia’s prosecutor for organized crime has charged a government minister and three others with abuse of position and falsifying of documents related to a luxury real estate project linked to U.S. President Donald Trump’s son-in-law Jared Kushner. The charges came on Monday. The investigation centers on a controversy over a a bombed-out military complex in central Belgrade that was a protected cultural heritage zone but that is facing redevelopment as a luxury compound by a company linked to Kushner. The $500 million proposal to build a high-rise hotel, offices and shops at the site has met fierce opposition from experts at home and abroad. Selakovic and others allegedly illegally lifted the protection status for the site by falsifying documentation.
Wealthfront’s CFO Alan Iberman talks the $2.05B IPO and the major moment for robo banking as the company bets on AI, automation, and “self-driving money."
