Customs duties on imported steel and aluminum can cause a major blow to companies buying most of metal in the United States.
According to Reuters, trump iron and steel tariffs brought about $ 1 billion in profit to Ford, quoting comments from Ford CEO Jim Hackett held in Bloomberg, New York. Mr. Hackett said, "If we lengthen it, we will suffer further damage."
If Ford does not draw out most of the metal from the tax exempt source, this problem may be exacerbated further. According to Hackett, Ford has purchased most steel and aluminum in the United States. Car news reporter Nick Bunkley's recent tweets 95% of Ford's steel and 98% of Ford's aluminum are domestic, but Ford has not confirmed any specific figures.
However, the extra cost is not just imported steel and aluminum. The competition faces tariffs (25% for steel and 10% for aluminum), while producers in the U.S. have raised their prices to increase their profits, they are still cheaper than foreign imports. Some of Ford's increased expenditure probably contributed to these price increases.
It is not the first time that a pioneering US trade war has forced Ford in the wrong direction. In late August, Ford,From a fee perspective Focus Active does not plan to sell enough for US production, so instead of receiving the next generation Focus variant, the US will not get it.
Trump administrative is collecting these fees …
Hope you like the news:
CEO says cards metal tariffs have deprived profits of $ 1 billion
#Stay Tuned For More Updates :)