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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:

Ford, Chrysler and Mazda expand scope of Takata airbag recalls

The scope of the Takata airbag inflator recall is ballooning once again across the United States. Where Honda has elected to take its driver-side airbag campaign nationwide, Chrysler Group and Ford have now announced expanded regional actions to cover some passenger-side airbag inflators. Mazda is adding more regions, as well. For Chrysler Group, the campaign covers the inflators on 149,150 examples of the 2003-model-year Ram 1500, 2500 and 3500 pickups. The recall is limited to vehicles sold or ever registered in Alabama, Florida, Georgia, Hawaii, Louisiana, Mississippi, Texas and the territories of American Samoa, Guam, Puerto Rico, Saipan, and the Virgin Islands. The company will begin notifying affected customers on January 19. According to Chrysler's announcement of the action, the passenger side inflators in these trucks "are of a type that is not used in any of the other vehicles affected by Chrysler Group's regional field action." The automaker says that it's not aware of any actual failures or accidents in these pickups and even claims there are no "observed failures in laboratory testing of its airbag modules." The company is continuing to study the problem, though. Ford is taking a similar step by issuing a recall of inflators for 38,500 examples of the 2004-2005 Ranger and 2005-2006 Ford GT. The campaign only affects vehicles originally sold or ever registered in Florida, Hawaii, Puerto Rico and the US Virgin Islands. Certain zip codes of Georgia, Alabama, Mississippi, Louisiana, Texas, Guam, Saipan and American Samoa are also covered. There's already precedent for passenger-side airbags to be covered under the Takata inflator recall. When many automakers announced campaigns in June, BMW, Chrysler, Ford, Honda, Mazda, Nissan and Toyota all included that side in some of their repairs. Subaru subsequently did, as well. In addition, Mazda is expanding the scope of its recall to add Florida, Puerto Rico, Hawaii, Saipan, Guam, American Samoa, US Virgin Islands, Georgia, Alabama, Louisiana, Mississippi and Texas to the affected areas. The company estimates that it has a total of 86,773 vehicles in need of repair. Mazda is also teaming with Toyota to begin independent testing of the Takata inflators. Scroll down to read all of the automakers' announcements of these newly expanded recalls. Statement: Air-Bag Inflators December 3, 2014 , Auburn Hills, Mich.

2015 Ford Mustang Convertible ships in time for holiday gift giving

Looking for the ultimate present to put under the tree for that special someone? Well it might not fit in your living room or in a stocking, but the keys to a new Mustang convertible ought to do the trick. That's right, Ford has begun shipping the new drop-top pony car just in time for the holidays. Taking delivery of a convertible might not make the most sense in some climates, but those in southern states will undoubtedly enjoy the top-down experience to ring in the new year. And for those stuck in snowier climes, Ford is keen to point out that the new Mustang convertible is available with features like heated seats, remote start and a snow/wet setting among the selectable drive modes. As with the coupe, the new Mustang convertible can be had with the base 3.7-liter V6, the optional 2.3-liter EcoBoost turbo four or the top-of-the-line 5.0-liter V8. For the time being, though, the 500+ horsepower Shelby GT350 is available only in coupe form. Related Video: Dec 9, 2014 | DEARBORN, Mich. 2015 Mustang Convertible Begins Shipping to Ford Dealers • Keys to the first 2015 Ford Mustang convertibles will be in customers' hands shortly • Available heated seats and remote start allow the all-new Mustang convertible to be enjoyed year-round, even in the coldest climates • Selectable drive modes with a snow/wet setting tunes Mustang to perform well in inclement weather conditions Ford Motor Company is excited to announce the 2015 Ford Mustang convertible will begin shipping to dealerships nationwide this week. "Cold weather may have come unseasonably early this year, but with available heated seats, remote start and selectable drive modes with a snow/wet setting, Mustang is the perfect offering for the season," said Melanie Banker, Mustang brand manager. Heated seats, standard on all premium Mustang convertibles, allow the driver and front passenger to stay warm even when the temperature drops. "While these seats also have a cooling feature, we suspect customers won't be using this function for a few more months," said Banker. Remote start, standard on all automatic-transmission Mustang models, allows customers to fire up their drop-top from the comfort of their home, even in inclement weather conditions. When remote start is used, Mustang not only warms up its engine, it also warms the interior of the car to a comfortable temperature.