Afternoon Coffee: 12 Countries Sign TPP, US Factory Orders Fall

Twelve nations signed the Trans-Pacific Partnership on today, including the U.S., Japan, Canada and Mexico. The U.S. still needs to ratify the TPP, but it’s not clear when a final vote will occur.

Orders for U.S. factory goods fell 2.9% in December, the Commerce Department reported today. The slump in oil prices and a stronger dollar are being blamed for the decline.

The National Traffic Safety Administration said the Takata airbag problem is likely more widespread than previously believed and could involve newer airbags. About 20 million cars have been recalled thus far due to exploding airbags, but Honda is now recalling 2.2 million newer Honda and Acura model vehicles. Other car makers are also expected to expand recalls.

Toyota is now saying all of its domestic part plants in Japan will shut down for a full day next week. The carmaker also said it would stop making Scion brand vehicles.


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