Used car prices are weirdly spiking, Trump's trade war may be to blame

Used car prices are rising at an odd time in the summer.
One economist says Trump's trade war may be to blame.

MANHEIM, PA — Surrounded by the quiet corn fields of Pennsylvania's Amish country are 400 acres of paved lots packed with used cars that make up the world's largest used auto auction here.

The voices of dozens of auctioneers across 36 lanes simultaneously rattle off prices, makes and models in a rhythmic repetition. "SOLD!" is cried out with each purchase — at least once every 60 seconds, 500,000 times a year.

The prices at the Manheim auto auction have been better than usual lately, especially since President Donald Trump started pushing for new tariffs on imported vehicles, parts as well as the steel and aluminum used to make cars, said Jonathan Smoke, the chief economist of Cox Automotive. Cox runs the auction, which draws dealers from around the country to bid online or in person at the auction house.

Smoke tracks three-year old vehicles as an indicator of pricing for used cars, since that's when a lot of leases are turned in and that vintage is the most common pre-owned vehicle for sale at any given time. A three-year-old Nissan Altima costs about $100 more now than it did just last month. A three-year-old Toyota Camry costs $400 more than it did a year ago.

"The fact this happened almost exactly two weeks after Trump announced he was going to enact tariffs can't be ignored," Smoke said, referring to tariffs Donald Trump has proposed on new vehicles imported to the United States.

The Manheim Used Vehicle Value Index, increased 5.1 percent in July over the same month last year. July used car prices were also up 1.5 percent over the June prices, and the index is at its highest point since it first started tracking used sales in 1995.

<snip>
"Definitely since the tariffs we have seen an influx of auction sales," he said while he was buying and selling vehicles Friday.

https://www-cnbc-com.cdn.ampproject.org/v/s/www.cnbc.com/amp/2018/08/17/used-car-prices-are-weirdly-spiking-and-tariffs-may-be-to-blame.html?amp_js_v=a2&amp_gsa=1#amp_tf=From%20%251%24s&ampshare=https%3A%2F%2Fwww.cnbc.com%2F2018%2F08%2F17%2Fused-car-prices-are-weirdly-spiking-and-tariffs-may-be-to-blame.html

trumps next target...

Architect of bin Laden raid issues stunning rebuke of Trump

Washington (CNN) Retired Adm. William McRaven, the man who oversaw the 2011 Navy SEAL raid that killed Osama bin Laden, issued a stunning rebuke of President Donald Trump's decision to revoke the security clearance of former CIA Director John Brennan on Thursday, defending the former spy chief as "one of the finest public servants I have ever known."

In an op-ed published by the Washington Post, McRaven, a former Navy SEAL who led US Joint Special Operations Command from 2011 to 2014, not only called Brennan "a man of unparalleled integrity," but volunteered to have his own security clearance revoked in an act of solidarity.

"Few Americans have done more to protect this country than John. He is a man of unparalleled integrity, whose honesty and character have never been in question, except by those who don't know him," McRaven wrote.

https://amp-cnn-com.cdn.ampproject.org/v/s/amp.cnn.com/cnn/2018/08/16/politics/mcraven-trump-brennan-security-clearance-revoke/index.html?amp_js_v=a2&amp_gsa=1#amp_tf=From%20%251%24s&ampshare=https%3A%2F%2Fwww.cnn.com%2F2018%2F08%2F16%2Fpolitics%2Fmcraven-trump-brennan-security-clearance-revoke%2Findex.html

Italy; Genoa bridge collapse: at least 23 killed, Italian official says

Rescuers were continuing to work in extreme conditions late on Tuesday after a bridge collapsed in the northern Italian city of Genoa, killing at least 23 people and injuring 15.

In what witnesses described as an “apocalypse”, an 80-metre section of the Morandi bridge on the A10 motorway came down in an industrial area of the port city during a sudden and violent storm about 11.30am on Tuesday.

The Twitter account for the Liguria region said that of the 23 confirmed dead, 19 had been identified, and 15 people had been injured, the majority seriously.

https://www.theguardian.com/world/2018/aug/14/genoa-motorway-bridge-collapses-italy

My favorite Space Force meme

Cleveland paper identified the rather be Russian duo

James Alicie (left) and Richard M. Birchfield of Delaware, Ohio



Photo of Trump supporters' T-shirts from Ohio rally goes viral
Updated 2:09 PM; Posted Aug 6, 11:03 AM

COLUMBUS, Ohio--A picture of two Ohioans in matching shirts at a Donald Trump rally last weekend has caught fire on the Internet.

The cleveland.com photo features James T. Alicie and Richard M. Birchfield, two friends from Delaware, Ohio, in T-shirts saying "I'd Rather Be A Russian Than A Democrat" during Trump's rally in southern Delaware County on Saturday evening.

The picture of the two, posted Saturday night after the rally, quickly went viral, circulating around Twitter and Facebook and appearing on the front page of Reddit.com.

https://www.cleveland.com/open/index.ssf/2018/08/photo_of_trump_supporters_t-sh.html?utm_campaign=clevelanddotcom_sf&utm_medium=social&utm_source=facebook