Ford sees higher metal costs, hopes China and U.S. can settle trade issues [Reuters]
Ford Motor Company (F)
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Source: Reuters
Ford sees higher metal costs, hopes China and U.S. can settle trade issues | Reuters 3 Min Read WAYNE, Mich. (Reuters) - Ford Motor Co ( F.N ) has seen higher steel and aluminum costs driven by trade tariffs bite into profit, but is hopeful the United States and China can avoid further tensions that could make things more costly, a top Ford executive said on Monday. The United States said in March it would impose a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum from most countries. The tariffs have allowed U.S. steel producers to raise their prices. “They’re certainly up year over year and they’re up versus what we were expecting,” Joe Hinrichs, Ford executive vice president and president of global operations, said of steel and aluminum costs. U.S. steel costs are higher than anywhere else in the world, Hinrichs told reporters. Ford officials have been working with all the parties involved, including the U.S. government, to address the issues, he sa
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