Chrysler

 China intends to take steps that could cause higher tariffs on imports of autos made by the U.S. automakers GM, Chrysler and Ford. Steve Collins, president of industry trade group the American Automotive Policy Council, announced Wednesday that China is expected to begin an investigation under anti-dumping laws into automakers industries’ business practices as soon as next week. China intends to slap tariffs on U.S. auto imports if the investigation discovers that the companies receive government subsidies, or sell products in China at below-market prices.

The government whacked the compensation of top executives at General Motors Co., Chrysler LLC and their financial arms Thursday.

Kenneth Feinberg, an independent official named to make sure taxpayer money isn't feathering the nests of company bigwigs, also ordered deep cuts for insurance giant AIG and financial houses Bank of America and Citigroup.

In metro Detroit, the order was a sobering reminder of Washington's involvement in the car business.

U.S. automaker's vehicle sales in May get to 24%, but retreat narrows as it sold more vehicles than it has in the last 10 months. Ford Motor Co. reported its U.S. auto sales fell less than expected in May marking its best performance since July 2008. Ford said total domestic vehicle sales fell 24.3% compared to a year earlier.

The days of the big bailouts for various companies who were squandering their profits are over. Chrysler LLC will find out by 11:59 pm tonight whether they can work a deal with their creditors or if they will need to file Chapter 11 bankruptcy to get out of their $6.9 billion debt. Talks with the Treasury Department  broke down early this morning, and the only way to salvage this is to convince 100% of their creditors to agree to the deal.