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

phands

phands

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More evidence of trumpo's incompetence....

[FONT=&quot]Steel and aluminum tariffs imposed by the Trump administration have cost Ford Motor Co about $1 billion in profits, its chief executive officer said on Wednesday, while Honda Motor Co said higher steel prices have brought “hundreds of millions of dollars” in new costs.[/FONT]
[FONT=&quot][/FONT]
[FONT=&quot]“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.”[/FONT]
[FONT=&quot][/FONT]
[FONT=&quot]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.[/FONT]
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https://www.rawstory.com/2018/09/trump-metals-tariffs-will-cost-ford-1-billion-profits-ceo-says/
 
phands said:
More evidence of trumpo's incompetence....

[FONT="]Steel and aluminum tariffs imposed by the Trump administration have cost Ford Motor Co about $1 billion in profits, its chief executive officer said on Wednesday, while Honda Motor Co said higher steel prices have brought “hundreds of millions of dollars” in new costs.[/FONT][/COLOR]
[COLOR=#505050][FONT="][/FONT]
[FONT="]“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.”[/FONT][/COLOR]
[COLOR=#505050][FONT="][/FONT]
[FONT="]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.[/FONT]
Click to expand...

https://www.rawstory.com/2018/09/trump-metals-tariffs-will-cost-ford-1-billion-profits-ceo-says/
Click to expand...

Ford's automotive segment reported a $7.3-billion pre-tax profit for FY 2017. Their tax on that profit went from 35% down to 20%, so they are still ahead of the game for all of Cheato's shenanigans, by about $100m.
 
Elixir said:
phands said:
More evidence of trumpo's incompetence....

[FONT="]Steel and aluminum tariffs imposed by the Trump administration have cost Ford Motor Co about $1 billion in profits, its chief executive officer said on Wednesday, while Honda Motor Co said higher steel prices have brought “hundreds of millions of dollars” in new costs.[/FONT][/COLOR]
[COLOR=#505050][FONT="][/FONT]
[FONT="]“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.”[/FONT][/COLOR]
[COLOR=#505050][FONT="][/FONT]
[FONT="]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.[/FONT]
Click to expand...

https://www.rawstory.com/2018/09/trump-metals-tariffs-will-cost-ford-1-billion-profits-ceo-says/
Click to expand...

Ford's automotive segment reported a $7.3-billion pre-tax profit for FY 2017. Their tax on that profit went from 35% down to 20%, so they are still ahead of the game for all of Cheato's shenanigans, by about $100m.
Click to expand...

For now.
 
phands said:
Elixir said:
Ford's automotive segment reported a $7.3-billion pre-tax profit for FY 2017. Their tax on that profit went from 35% down to 20%, so they are still ahead of the game for all of Cheato's shenanigans, by about $100m.
Click to expand...


So...trumpo lost Ford $900Million. That's an epic fail.
Click to expand...

But he made a few steel jobs!
 
Or in the alternative, they can just charge more for their products. Then Mexico will pay for it.

This is 4-D chess we're talking about here. You gotta think.
 
Elixir said:
phands said:
Loren Pechtel said:
But he made a few steel jobs!
Click to expand...

I winder how many Ford jobs will go to recoup that $900million....
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Since the $900m was a windfall in the first place, maybe - just maybe - they can suck it up and deal with only $6,400,000,000.00 profit.
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Okay, but what about the thousands and thousands of US manufacturers that nearly as profitable as Ford who are experiencing a large material increase in costs? They aren't going to be able to suck it up. Some will raise their prices (not as easy as it sounds); some will move; some will try to find less flacky sources, some will make up for the higher costs by reducing overhead (probably mostly jobs). The trade war isn't going to be pretty.
 
Harry Bosch said:
Elixir said:
Since the $900m was a windfall in the first place, maybe - just maybe - they can suck it up and deal with only $6,400,000,000.00 profit.
Click to expand...

Okay, but what about the thousands and thousands of US manufacturers that nearly as profitable as Ford who are experiencing a large material increase in costs? They aren't going to be able to suck it up. Some will raise their prices (not as easy as it sounds); some will move; some will try to find less flacky sources, some will make up for the higher costs by reducing overhead (probably mostly jobs). The trade war isn't going to be pretty.
Click to expand...

Are you suggesting that Trump's trade war is a bad idea?

If so, don't you know that communism failed? Why do you love communism, and why do you hate the veterans?
 
I wonder how auto industry suppliers are doing. Many of these steel components are manufactured by contract with other companies. I guess it depends on the contracts as to who and to what extent the auto manufacturer or it's suppliers suck up these increases in material costs. Maybe Sherrod can pop on over to Dana Corp and see how things are going (DAN down 42% YTD). I seen him standing outside Whirlpool (WHR down 36% YTD) looking all American and shit. Once Trump figures out how these tariffs reverberate throughout the manufacturing industry and that US steel producers will simply push their prices up to and just under foreign steel prices, maybe then he'll get a clue.
 
The major problem of any trade wars are minor innocent players like Australia are also affected. We may benefit in some way by China investing more here, but generally it may affect prices for many products for the better or worse.
 
Underseer said:
Harry Bosch said:
Elixir said:
Since the $900m was a windfall in the first place, maybe - just maybe - they can suck it up and deal with only $6,400,000,000.00 profit.
Click to expand...

Okay, but what about the thousands and thousands of US manufacturers that nearly as profitable as Ford who are experiencing a large material increase in costs? They aren't going to be able to suck it up. Some will raise their prices (not as easy as it sounds); some will move; some will try to find less flacky sources, some will make up for the higher costs by reducing overhead (probably mostly jobs). The trade war isn't going to be pretty.
Click to expand...

Are you suggesting that Trump's trade war is a bad idea?

If so, don't you know that communism failed? Why do you love communism, and why do you hate the veterans?
Click to expand...

I'm not suggesting, I'm stating that this trade war will end very badly for Americans and many of our allies. Costs are going up. Way up. The global supply chain is being thrashed. Companies are moving away from supply chain partners in the US who demonstrated that they are dumbier than shit for electing a moron like Trump.
 
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