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Tags: ford | tariffs | automaker | steel | aluminum

Ford Says Tariffs Have Cost Automaker $1 Billion

An employee walks past a Ford logo
(Getty Images)

By    |   Wednesday, 26 September 2018 01:19 PM

Steel and aluminum tariffs have cost Ford Motor Company $1 billion, the automaker's CEO James Hackett said, The Hill reported Wednesday.

Tariffs harmed the company because most of their supply came from American suppliers, Hackett said in New York City.

Earlier this year, President Donald Trump placed tariffs of 25 percent on steel and 10 percent on aluminum imports, which has businesses complaining about soaring costs, especially after the price of steel went up 25 percent.

The tariffs on metals have directly affected almost $50 billion worth of goods, and the American Automotive Policy Council said the steel and aluminum tariffs will result in a price increase of $400 per car.

Last month, Ford, along with fellow American auto giants General Motors, encouraged the United States and China to work out their differences, saying the two countries should understand the interdependence between the world's two largest automotive markets.

Ford received more bad news last month when Moody's Investors service downgraded the company's rating to just above junk status, insisting the firm's "outlook is negative," according to the Detroit Free Press.

In response to the lowering of its rating, the company issued a statement saying, "Since coming through the Great Recession, Ford Motor Company has delivered year after year of solid financial results and operating cash flows . . .

"We know that we can capitalize on our strengths, bolster underperforming products and regions and disposition where we cannot make an appropriate return. We're confident that as we do, the market will recognize our progress."

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Ford CEO James Hackett claims steel and aluminum tariffs have cost Ford Motor Company $1 billion, according to The Hill.
ford, tariffs, automaker, steel, aluminum
Wednesday, 26 September 2018 01:19 PM
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