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Jim Hackett says metal tariffs costing Ford $1 billion in profits

Ford CEO Jim Hackett divulged in an interview with Bloomberg that the Trump administration's tariffs on metals imported from the European Union, Canada and Mexico have affected the automaker's balance sheet, adding that trade disputes need a quick resolution. "From Ford's perspective, the metals tariffs took about $1 billion in profit from us," Hackett told the outlet. "The irony is we source most of that in the U.S. today anyways. We're in a good place right now, but if it goes on longer there will be more damage." Hackett did not specify what period the $1 billion covered, but a Ford spokesman said the CEO was referring to internal forecasts at Ford for higher tariff-related costs in 2018 and 2019. President Trump in March announced his intention to enact 25 percent tariffs on steel imports and 10 percent on imported aluminum from the three trade zones as a way to protect the U.S. steel industry. The move sent U.S. automakers' stock prices plunging at a time when they were coming off weak monthly sales reports. Separately, President Trump has targeted China with two rounds of tariffs targeting a combined $260 billion worth of imports. China has responded by enacting 25-percent tariffs on U.S. goods including vehicle imports. In the interview, Hackett said that has hurt demand for Lincoln, which has found a growing market for its luxury vehicles in China, and made the price of the Lincoln MKC less attractive to Chinese buyers. The MKC is built at the company's Louisville, Ky. assembly plant. "We've had to move people in that factory to other operations because of that trade problem," he said. It's not clear what those moves entail or how many workers were involved. Autoblog sought comment from a Ford spokeswoman and will update this story if we hear back. Ford last month announced it was scrapping plans to import the Focus Active small crossover to the U.S. from China because of the new 25-percent tariffs on Chinese imports. Material from Reuters was used in this report Related Video:

2022 Detroit Auto Show Editors' Picks

As tends to be the case in this post-ish-pandemic world of auto shows, the North American International Auto Show was a strange one. It was at least mostly indoors and thus not at the mercy of Mother Nature. And unlike that first Chicago Show following the initial pandemic shutdown, this one was all assembled before the media arrived. Even with a much thinner show floor, the Detroit Auto Show still gave us a number of noteworthy reveals. Now, full disclosure, the rules for our Detroit picks were made a little more flexible, since some of these vehicles were revealed a little before the week of the show. But we still focused on vehicles that were making their show debut, and were actually present on the floor. Sadly, that means we had to leave out the Jeep Recon and Wagoneer S electric SUV concepts. Odds are, those would've made it into our list of the top five if they had actually been on display. Now, on to the winners. 2023 Jeep Wrangler Willys 4xe View 18 Photos 5. 2023 Jeep Wrangler Willys 4xe This was an easy one. While there's nothing so remarkable about the Willys that it makes this package a must-buy, it's nice to see another model available with the 4xe powertrain. Just one question, though: Where was the Recon? – Byron Hurd Chevrolet Blazer EV View 7 Photos 4. 2024 Chevy Blazer EV As a fan of the K5 and S-10 Blazer generations, I was a bit bemused when the current-gen crossover came out ... until I drove it and realized how good it actually is. Now that there's a Blazer EV incoming, I feel like I can become a true fan again. And there's a lot for fans to appreciate: FWD, RWD and AWD versions, and even a 557-horsepower SS variant. In a lineup of practical, Ultium-based Chevy utes, it's good to see an attainable product that enthusiasts can get behind — along the lines of Ford with its Mustang Mach-E — while we wait for an electric Corvette. — Senior Editor, Green, John Beltz Snyder 2023 Chrysler 300C View 28 Photos 3. 2023 Chrysler 300C In a poignant press conference with the Spirit of Detroit statue in the background, Chrysler sent its flagship 300 out properly with a 6.4-liter Hemi V8. Stellantis design chief Ralph Gilles articulated the car's successes — its many awards and sterling reviews from its early days — and the cover came off with a veritable 300C hot rod on display. One more time, the 300 is at full strength. To be clear, this isn't the 300S with an available 5.7-liter.

Detroit 3 to implement delayed unified towing standards for 2015

Car buyers have a responsibility to be well-informed consumers. That's not always a very simple task, but some guidelines are self-evident. If you live in a very snowy climate, you generally know a Ford Mustang or Chevrolet Camaro might not be as viable a vehicle choice as an all-wheel drive Explorer or Traverse, for example. If you want a fuel-efficient car, it's generally a good idea to know the difference between a diesel and a hybrid. But what if it's kind of tough to be an informed consumer? What if the information you need is more difficult to come by, or worse, based on different standards for each vehicle? Well, in that case, you might be a truck shopper.
For years, customers of light-duty pickups have had to suffer through different ratings of towing capacities for each brand. For 2015 model year trucks, though, that will no longer be a problem. According to Automotive News, General Motors, Ford and Chrysler Group have announced that starting with next year's models, a common standard will be used to measure towing capacity. The Detroit Three will join Toyota, which adopted the Society of Automotive Engineers' so-called SAE J2807 standards way back in 2011.
The standard was originally supposed to be in place for MY2013, but concerns that it would lower the overall stated capacity for trucks led Detroit automakers to pass. Ford originally passed, claiming it'd wait until its new F-150 was launched to adopt the new standards, leading GM and Ram to follow suit. Nissan, meanwhile, has said it will adopt the new standards as its vehicles are updated, meaning the company's next-generation Titan should adhere to the same tow ratings as its competitors.