Results 1 to 7 of 7

Thread: Trump metals tariffs will cost Ford $1 billion in profits, CEO says

  1. #1
    Join Date
    Wednesday, October 2nd, 2013
    Last Online
    Tuesday, November 12th, 2019 @ 10:00 PM
    Location
    LA (Lower Alabama)
    Posts
    5,726
    Post Thanks / Like

    Cool Trump metals tariffs will cost Ford $1 billion in profits, CEO says

    Trump metals tariffs will cost Ford $1 billion in profits, CEO says

    (Reuters) - Steel and aluminum tariffs imposed by the Trump administration have cost Ford Motor Co (F.N) about $1 billion in profits, its chief executive officer said on Wednesday, while Honda Motor Co (7267.T) said higher steel prices have brought “hundreds of millions of dollars” in new costs.

    “From Ford’s perspective the metals tariffs took about $1 billion in profit from us,” CEO James Hackett said at a Bloomberg conference in New York, “The irony of which is we source most of that in the U.S. today anyway. If it goes on any longer, it will do more damage.”

    Hackett did not specify what period the $1 billion covered, but a spokesman said the automaker’s CEO was referring to internal forecasts at Ford for higher tariff-related costs in 2018 and 2019.

    Higher U.S. steel prices have resulted in “hundreds of millions of dollars” in additional annual costs, Rick Schostek, executive vice president of Honda North America, told the U.S. Senate Finance Committee, even as more than 90 percent of steel in its vehicles assembled in the United States is made domestically.

    Honda also faces retaliatory tariffs from Canada and China on lawn-mowers it builds in North Carolina and transmissions made in Georgia.

    Honda has not boosted U.S. vehicle prices as a result of the higher costs but the issue is “certainly part of our thinking as we go forward,” Schostek told reporters after the hearing.

  2. #2
    Join Date
    Wednesday, October 2nd, 2013
    Last Online
    Tuesday, November 12th, 2019 @ 10:00 PM
    Location
    LA (Lower Alabama)
    Posts
    5,726
    Post Thanks / Like
    How long will this go on before some of the bigger steel mills decide it's worth it to re-start operations?
    You can't spell "hatred" without "red hat".

  3. #3
    Join Date
    Wednesday, October 2nd, 2013
    Last Online
    Today @ 12:08 AM
    Posts
    5,039
    Post Thanks / Like
    Quote Originally Posted by Tom Servo View Post
    How long will this go on before some of the bigger steel mills decide it's worth it to re-start operations?
    They would need some guarantee that the work won't disappear as fast as it reappeared. In short, they are going to want government contracts for major ship building.

    ETA- they will also need some guarantee that environmental groups and deep state don't undermine their ability to generate the heat required to refine ore and make steel.
    I'm thinking that once, in 1953, a group of interesting people just happened to be in a coffee shop at the same time and a great discussion of issues, ideas, and the meaning of life occurred. Since then we have been waiting at Starbucks for Lawrence Ferlinghetti to say something heavy.

  4. #4
    Join Date
    Saturday, January 3rd, 2015
    Last Online
    Yesterday @ 8:22 AM
    Posts
    11,362
    Post Thanks / Like
    This could end today, if every country agreed to completely free trade, like Trump asked for. It appears they like their own tariffs, but they don't like ours.

    Mark
    Race Card: A tool of the intellectually weak and lazy when they cannot counter a logical argument or factual data.

    "Liberals have to stop insisting that the world is what they want it to be instead of the way it is." - Bill Maher

    Political correctness is ideological fascism. It’s the antithesis of freedom. Dr. Piper

    Gender is not a "Social Construct", it is an outgrowth of biological reality.

  5. #5
    Join Date
    Wednesday, October 2nd, 2013
    Last Online
    @
    Location
    Flyover Country
    Posts
    4,303
    Post Thanks / Like
    Without getting into things I can't speak about publicly, this is basically Hackett doing a CYA and blaming the import tariffs for bad, bordering on inept, management practices.
    Get off the cross, we need the wood.

  6. #6
    Join Date
    Wednesday, June 17th, 2015
    Last Online
    Yesterday @ 2:34 PM
    Posts
    10,817
    Post Thanks / Like
    Not caring.

  7. #7
    Join Date
    Monday, April 9th, 2018
    Last Online
    Yesterday @ 7:46 PM
    Location
    Lower Alabama
    Posts
    720
    Post Thanks / Like
    Given the Ford gave $20mil to BLM and they're now making what was my favorite truck, the F150, out of aluminum, they can suck it up.

    Sent from my STV100-1 using Tapatalk
    I am the cat who walks by himself. And all places are alike to me.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •