⛐ Is The US Auto Industry Under Attack?

Good morning. US stock futures dipped in Monday morning trading as key stock benchmarks reached record highs and investors awaited inflation data slated for release later this week.

🚗 US automakers complain: block cheap Chinese car parts coming from Mexico

📝 Our report: A U.S. manufacturing advocacy group just tossed a curveball, suggesting Uncle Sam should slam the brakes on those budget-friendly Chinese autos and parts coming in from Mexico. "The introduction of cheap Chinese autos - which are so inexpensive because they are backed with the power and funding of the Chinese government - to the American market could end up being an extinction-level event for the U.S. auto sector," the Alliance for American Manufacturing said in a report.  

 🔑 Key points:

• The group argues the United States should work to prevent automobiles and parts manufactured in Mexico by companies headquartered in China from benefiting from a North American free trade agreement .

• Vehicles and parts produced in Mexico can qualify for preferential treatment under the U.S.-Mexico-Canada trade agreement as well as qualifying for a $7,500 electric vehicle (EV) tax credit.

• The issue has received new interest after news reports that China's BYD plans to set up an EV factory in Mexico. BYD, known for its cheaper models and a more varied lineup, recently overtook its biggest rival, Tesla, to become the world's top EV maker by sales.

💡 So what: Navigating the protection of the domestic auto industry from Chinese imports requires a multifaceted approach that balances economic interests, national security concerns, and global trade dynamics. Fostering innovation and competitiveness within the domestic auto sector through investments in research and development, workforce training, and infrastructure can enhance its resilience to foreign competition. Ultimately, a balanced and strategic approach that considers both short-term protection and long-term competitiveness is essential for safeguarding the domestic auto industry while navigating the complexities of the global economy.

Monday - New Home Sales

Tuesday - Consumer Confidence

Wednesday - GDP (revision), Atlanta Fed President Raphael Bostic Speaks

Thursday - Chicago Fed President Austan Goolsbee

Friday - Fed Governor Chris Waller Speaks, Construction Spending

 📈 Investing legend Marc Faber shares these 4 investing tips!

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💲 These were the most profitable businesses of 2023

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🛑 US govt shutdown possibility re-emerges

WHAT: President Joe Biden's gearing up for a rendezvous with congressional leaders to chat about funding the government as the clock ticks down to a partial shutdown deadline, according to the White House's latest scoop. Biden will meet with top Democrats and Republicans from both the House and Senate, where he will discuss the "urgency" of passing a government funding bill before midnight on March 1.

WHY: Funding is due to run out on March 1 for some federal agencies, including the Department of Transportation, while others like the Defense Department face a March 8 deadline.

📱 Telecom giant offers outage credits for network failure

WHAT: Hold the phone! The CEO of AT&T just dialed up an apology for the colossal cellular outage that left thousands of customers stranded without service. CEO John Stankey said to compensate for the outage and inconvenience caused, eligible customers will receive credits as a result of the incident.

WHY: Tens of thousands of AT&T customers across the U.S. reported widespread service outages last week and were unable to use their phones without access to WiFi. The outage raised concerns that the company had potentially been hit with a cyberattack but an initial review of the incident found it was caused by “the application and execution of an incorrect process used while working to expand our network,” Stankey said.

🏡 Americans are holding on to houses for longer now

WHAT: Looks like Americans are turning into homebodies! According to a new report, they're clinging to their cribs twice as tightly as they did 20 years ago. The average US homeowner's digging their roots in for nearly 12 years now, up from a mere 6½ years back in the day, says real estate brokerage Redfin.

WHY: The trend was most prevalent among baby boomers, many of whom are retiring as both rates and home prices remain elevated.

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