Metal & Oil & Gas News – Nctv.net
Ford Motor said Donald Trump’s tariffs have made steel more expensive in the US than any other market, escalating the company’s criticism of the president’s trade war. Joe Hinrichs, Ford’s president of global operations, said “US steel costs are more than anywhere else in the world. 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 auto maker. He said the company sustained a roughly USD 1 billion hit to profit despite the fact that it sources most of its metals from the US.
Domestic hot-rolled coil, the benchmark price for American-made steel, has gained 28 per cent in 2018 as the Trump administration implemented tariffs on imports. The levies helped push the price to about USD 920 a tonne earlier this year, the highest in a decade.
Source : AFR
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