Ford Lost $1 Billion of Profit Thanks to Trump's Metal Tariffs: CEO
The metal tariffs imposed by Donald Trump are already hurting automakers like Ford. Ford CEO Jim Hackett says that his company has suffered huge losses thanks to the tariffs and it’s probably not going to get better if the trade disputes don’t let up.
In an interview with Bloomberg television, Hackett said,
“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. If it goes on longer, there will be more damage.”
Specifically, Ford purchases 95 percent of its steel and 98 percent of its aluminum from within the United States, writes Automotive News reporter Nick Bunkley. The tariffs on Chinese metals have allowed American producers to jack up their prices for lack of competition.
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