Ford books US$ 1 billion in lost profits due to steel, aluminum tariffs
Ford CEO Jim Hackett said that the Detroit automaker faces US$ 1 billion in lost profits due to President Donald Trump’s tariffs on steel and aluminum.
“The metals tariffs took about US$ 1 billion in profit from us — and the irony is we source most of that in the U.S. today anyways,” Hackett said yesterday in an interview with Bloomberg Television. “If it goes on longer, there will be more damage,” he added.
A Ford spokesman later told that Hackett was referencing Ford internal forecasts of an increase of about US$ 1 billion in steel and other metal costs in 2018 and 2019 due to tariffs.
The interview took place just a few weeks after Ford announced it cancelled plans to import the Focus Active into the United States due to the ongoing trade war between the Trump administration and China, where the vehicle is built.
Hackett also said that a deal on a new North American Free Trade Agreement is imminent. “I think there’s going to be news about NAFTA being closed soon. Europe and North America are making tremendous progress as it relates to vehicle discussions and now we have to deal with China.”
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