After claiming that President Donald Trump’s tariffs on steel imports hurt its profits by $1 billion, Ford Motor has reiterated its displeasure with the levies.
Joe Hinrichs, Ford’s president of global operations, said Monday at an event, “U.S. steel costs are more than anywhere else in the world,” while indicating that the company is trying to talk to policymakers/administrators about the issue. “We tell them that we need to have competitive costs in our market in order to compete around the world.”
The benchmark price for American-made steel has increased 28 % in 2018 and a major factor has been the Trump administration’s tariffs on steel imports. Earlier this year, the price touched a decade-high of $920 a metric ton. With U.S. steel currently costlier than China-made steel by $150 per metric ton, Ford seems to be concerned about the impact on price of its cars and therefore the demand for them.