The world’s largest rare-earth producer outside of China will stress the U.S. military’s needs when it starts production at a plant it’s building in Texas.
Fiat’s surprise withdrawal of its offer came after an hours-long Renault board meeting Wednesday night.
A 5% tariff would add about $2,000-$2,500 of extra cost per vehicle.
Ford is also closing factories in Germany, France and Russia as part of a deep retrenchment in Europe to weed out slow-selling models.
Changan Ford Automobile Co. will be fined $23.6 million for restricting retailers’ sale prices.
No deal is imminent, the people cautioned, and the trade war is a major complication for all involved.
Both sides confirmed they were in discussions after it was reported that negotiations were at an advanced stage.
White House also denies exemption for Volvo SUV made in China.
Manufacturer discovered issue and reported it to the FAA.
Despite years of belt-tightening, both Fiat and Renault have spare capacity close to home.