Hit someone else! Ford CEO: Trump let us lose $1 billion

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Hit someone else! Ford CEO: Trump let us lose $1 billion

2018-09-28 00:25:30 154 ℃

According to a Wall Street report on September 27th, the Ford CEO joined the army that denounced Trump's tariff policy. In an interview, the company said that the tariff policy has caused the company's $1 billion loss.

On Wednesday, in an interview with Bloomberg, Ford CEO James Hackett said that the trade war provoked by Trump harmed the company's interests, especially the tariff on metals that caused Ford to lose $1 billion in profits.

Seeing from Wall Street

"From Ford's point of view, metal tariffs cost us Nearly $1 billion in profits. The irony is that the United States is now the source of most of our profits. If the trade war continues, it will cause even more damage.” It also warned that domestic commodity prices may rise due to tariffs. .

In response to the impact of trade wars on US agriculture, the Trump administration has developed a $12 billion short-term stimulus plan for negatively affected farmers.

The Global Automobile Manufacturers Association, which represents major foreign automakers, warned that the costs of tariffs will eventually be passed on to consumers. "The biggest threat facing the US auto industry today is the US government. Tariffs may be imposed on imported products related to the survey." "These tariffs will increase the price of American consumers, limit their choices, and curb the sale and production of American cars."

After President Trump ordered a survey in May to levy a 25% tariff on parts imported from the EU, the auto industry is still waiting to see if there will be a new round of tariffs. Article 232 of the US Trade Expansion Act basically allows the president to adjust imports by imposing tariffs, "if imports threaten national security."

Analytical data company IHS Markit said that this additional tariff will have a profound impact. According to them, this could cause dealers across the United States to lose about 300,000 car-related jobs. The EU has threatened to pay $300 billion in retaliation for this tariff.