Ford Ratchets Up Rebuke of Trump Tariffs as Steel Costs Rise – Bloomberg
“U.S. steel costs are more than anywhere else in the world,” Joe Hinrichs, Ford’s president of global operations, said Monday at an event marking the start of Ranger pickup production at a factory west of Detroit. He added that Ford is talking to the administration about the tariffs: “We tell them that we need to have competitive costs in our market in order to compete around the world.”
Ford Chief Executive Officer Jim Hackett last month called on President Donald Trump’s administration to resolve trade disputes quickly, warning that they would otherwise do more damage to the second-largest American automaker. He said the company sustained a roughly $1 billion hit to profit despite the fact that it sources most of its metals from the U.S.