September 27, 2018— Steel and aluminum tariffs imposed by the Trump administration have cost Ford about $1 billion in profits, reported Reuters.
While the vast majority of steel and aluminum that Ford uses for U.S. production is made domestically, it has said the tariffs could result in higher domestic commodity prices, according to the report.
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. producers to raise their prices.
According to Reuters, President Donald Trump’s steel and aluminum tariffs will boost car prices by hiking commodity costs for manufacturers, automakers have warned.
