95.3 / 88.5 FM Grand Rapids and 95.3 FM Muskegon
Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations
News

Ford CEO says steel, aluminum tariffs will cost company $1B

Ford Motor Company emblem
Wikimedia Commons
/

Ford CEO Jim Hackett says the Trump administration's tariffs on imported steel and aluminum will cost the company $1 billion.

Ford says the figure is a year-over-year increase from March through 2019.

Hackett told Bloomberg television that Ford gets most of its metals from U.S. producers, which raised prices due to the tariffs this year.

IHS Markit Senior Analyst Peter Nagle says other automakers will see the same cost increases. Eventually they'll have to raise prices of cars and trucks or reduce discounts to cover the added costs.

The U.S. slapped tariffs on imported steel and aluminum from some countries in March and added Canada, Mexico and the European Union in June. The administration justified the tariffs by calling foreign steel and aluminum a threat to U.S. national security.