Trumponomics, Trumplomacy or Trumpocracy, these are all words that have crept into the English language since the US President took office. And the latest manifestation of this phenomenon, apparently over national security concerns, may light the blue touch paper under an all-out trade war. Apparently National Security is one of those things that you can invoke when you want to impose tariffs, though its interpretation is necessarily pretty narrow. Most commentators I have read fail to see the national security implications of car imports, though no doubt some clever lawyers will be spinning the story. However, the US is threatening to impose tariffs on all imported vehicles. While this may please Detroit car workers, it appears that car buyers are not best pleased nor is the majority of the European car industry. Even Toyota, which has 12 manufacturing plants on US soil and you would think would welcome the lack of competition from outside, has complained that this will have a massive detrimental effect on the US car industry, as their big growth markets are outside of the States in South America and China. Still, Mr Trump is his own man and this may not play out exactly the way we reckon.
You may recall that Fiat Chrysler was fined $175 million a couple of years ago over the way it treated safety recalls. Well today it has recalled about 4.8 million vehicles over a cruise control problem that could cause the system to remain permanently on, even when braking. It is claimed that it would be an unlikely sequence of events, however with that number of vehicles on the road “unlikely” becomes “possible”. And possible is enough to get the lawyers twitchy.
It will be nice to get into the weekend so that next week we can see our in-boxes filled with something different to the latest GDPR message. Do not get me wrong, everyone has to treat their data seriously, but in fact they already had to do so under the old data protection act that are over 20 years old. Nevertheless this is been an extremely useful exercise in clearing out all of our inboxes from the marketing messages we get routinely sent – mine will be a lot clearer in the future, I bet you never realised you subscribed to so many different email services.
Have a great weekend. Might I suggest you don’t watch the cricket too closely, unless you’re a Pakistan fan.
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Even if you’re on the right track, you’ll get run over if you just sit there.
The easiest way for your children to learn about money is for you not to have any.
Most conversations are simply monologues delivered in the presence of witnesses.
Charm is a way of getting the answer yes without asking a clear question.
Albert Camus (1913 – 1960)
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