The Strategist

Ford complains about Trump tariffs

10/23/2018 - 15:40

Import duties on steel, introduced by US President Donald Trump, have increased spending of American companies on the metal to the record highs, says Ford Motor Co.

“Steel in the United States is more expensive than anywhere else in the world,” said Ford Global Operations President Joseph Hinrichs at an event on Monday.

According to the top manager, the automaker is discussing this issue with the presidential administration. "We are telling them that we need competitive prices in our market in order to compete around the world," said Hinrichs.

Because of the fees, Ford’s profit has already shrunk by $ 1 billion, the company’s director Jim Hackett said in September.

As reported, the United States has introduced additional duties on imports of steel (25% rate) and aluminum (10%) since March 23. They apply to imports from all countries except Australia and Argentina; imports from Brazil and South Korea are excluded only from the steel duty.