Stocks rising...Administration announces plans to renegotiate NAFTA...4 automakers settle suit over Takata air bags
NEW YORK (AP) — Phone companies are leading stock indexes higher in afternoon trading on Wall Street, a day after the market posted its biggest loss in eight months. Materials and energy stocks fell. Wal-Mart Stores rose after delivering better results than analysts were expecting.
WASHINGTON (AP) — Making good on a campaign promise, the Trump administration is informing Congress that it intends to renegotiate the North American Free Trade Agreement with Canada and Mexico. U.S. Trade Rep. Robert Lighthizer (LYT’-hy-zur) has sent a letter to congressional leaders, starting 90 days of consultations with lawmakers over how to revamp the pact. Talks with Canada and Mexico can begin after that.
DETROIT (AP) — Toyota, Subaru, Mazda and BMW have reached a proposed settlement that would compensate owners of 15.8 million vehicles for economic losses stemming from the massive recall of Takata air bags. Plaintiffs’ attorneys say the automakers have agreed to pay $553 million to settle a lawsuit filed in federal court in Miami. The settlement provides owners with up to $500 and compensation for out-of-pocket costs related to the recall. The court must still approve the settlement.
DETROIT (AP) — Fiat Chrysler says it’s in discussions with the U.S. Department of Justice and the U.S. Environmental Protection Agency over claims the company cheated on diesel emissions tests. The EPA said in January that FCA was using software that allowed diesel vehicles to emit more pollution on the road than they do in emissions tests. The EPA said around 104,000 Jeep Grand Cherokee SUVs and Ram pickups from the 2014-2016 model years are affected. The company denies that allegation.