Donald Trump's China tariffs will cost Ford $1 billion, CEO Jim Hackett says

[DonViejo]

Source: USA Today



USA TODAY NETWORK - Detroit Free Press Staff Published 1:35 p.m. ET Sept. 26, 2018 | Updated 2:48 p.m. ET Sept. 26, 2018

Ford CEO Jim Hackett told Bloomberg Television on Wednesday that his company faces $1 billion in lost profits from President Donald Trump's tariffs.

“The metals tariffs took about $1 billion in profit from us – and the irony is we source most of that in the U.S. today anyways,” Hackett said. “If it goes on longer, there will be more damage.”

A Ford spokesman told the Detroit Free Press that Hackett was referencing Ford internal forecasts of an increase of about $1 billion in steel and other metal costs in 2018 and 2019 due to tariffs.

Hackett described business as stalled by the uncertainty over Trump's tariffs on steel and aluminum from China and Canada, which have led to a range of retaliatory tariffs.



Read more: https://www.usatoday.com/story/money/nation-now/2018/09/26/china-tariffs-donald-trump-ford-ceo-jim-hackett/1433220002/

[Achilleaze]

1. republicans are driving the American economy into a shithole

as they have done again and again throughout history.

[Eliot Rosewater]

2. Intentional, Putin orders. Plus China will be accused of hacking

the elections and rump will say they are null and void and call for martial law.

at least that is possible, isnt it. didnt have to be though, just should have supported Hillary, folks

My comments are not meant for you but in general. I am like a dog, aint never letting this bone go

[SWBTATTReg]

6. And to top it off, no rationale economic reason to do so. All because of rump and his ...

false claims. The markets already ignore rump, since he's lost whatever creditability a long time ago (if he ever even had any, which I doubt). Worse yet, they are letting him do this to all of us, not just democrats, but republicans are suffering too, via their pocketbooks.

[LandOfHopeAndDreams]

3. Ask Him Who He Voted For

He doesn't give a shit anyways. He'll just fire some people if times get tough. His salary will still increase, unless he has to parachute out with a bonus.

[at140]

4. I sold 50% of my stocks in my 401-k

Waiting for next crash to get back in..
Will Dotard do me a favor and crash this parabolic market?

[thesquanderer]

5. Why don't they just raise prices? That's usually what companies do when their costs go up. (n/t)

[Seedersandleechers]

7. Then less people

will be able to afford them.

[riversedge]

8. k for visibility

[KentuckyWoman]

9. Ford's problem isn't steel tariffs

This is poor mouthing it ahead of contract talks with the UAW. We are a Ford UAW family, my husband retired in 1998 after more than 40 years working hourly for Ford. We are both grateful for what we have, and recognize the war on workers means those behind us will retire with far less.

Ford is in a bit of a tough patch already, by way of a tired lineup, mismanagement, poor quality, and aging facilities. The tariff hit does them no favors, but if American Steel had been properly supported all along this would not be a hit. We all got used to cheap shit. Leveling the playing field would not be necessary if we hadn't decided in 1970 something to race to the bottom on wages. At the end of the day, yes the tariffs affect Ford, but a crappy vehicle line hurts them far worse.

I don't agree with Trump's handling with the tariffs, but in theory I favor this far more the "free trade" that puts American workers at a disadvantage. It is long past time we support American workers.

[keithbvadu2]

10. Trump's new taxes... A tariff is a tax with a different spelling for consumers to pay.

Trump's new taxes... A tariff is a tax with a different spelling for consumers to pay.