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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:

Lewis Hamilton owns 15 cars, uses tow trucks to keep the mileage low

No matter how you feel about Lewis Hamilton off the track, it's impossible not to respect his talent behind the wheel. Currently, Hamilton is the second most successful Formula One driver of all time. His 67 wins and four championships place him only behind Michael Schumacher's 91 wins and seven championships. With all those winnings, Hamilton has racked up a decent personal fortune, much of which he uses to buy cars. Except he doesn't drive them quite as much as you might think. According to The Sunday Times, Hamilton's net worth of just over $207 million makes him one of the richest sports figures in the UK, just behind David Beckham. In a recent interview with the British newspaper, Hamilton gave some details on his personal car collection. His first car was a used Mini Cooper, soon followed by a Mercedes-Benz C200. Both have long since been replaced by a pair of original Shelby Cobras, a 1967 Shelby GT500, a Ferrari 599 SA Aperta, two LaFerraris (a red coupe and a white Aperta), a McLaren P1 and a Pagani Zonda 760 equipped with a manual transmission. All in, Hamilton has about 15 cars split between homes in Monaco and Los Angeles. Unsurprisingly, he has a Mercedes-AMG Project One ( a car that shares more than a little with his F1 W09 EQ Power+ race car) on the way. Hamilton has some hot takes on his personal collection. "The Zonda is terrible to drive," he said. "It's the best-sounding car I own, but handling-wise it's the worst. I got it in manual because I didn't like the tiptronic version. The tiptronic Pagani offered was worse than the Smart Roadster I had." He also says his Shelby Mustang is a "beautiful car, but a heap of junk." In order to keep the miles down (and valuations up), Hamilton apparently has a tow truck on retainer in Los Angeles. When he's finished driving one of his Ferraris, he'll have the car towed back to his place. Classic cars are becoming a solid and serious investment, and Hamilton doesn't want to squander his wealth like some other athletes. That said, there are a couple more cars Hamilton would love to own, including a Mercedes-Benz 300 SL (the one with the gullwing doors) and a Ferrari 250GT California Spyder (the one from "Ferris Bueller's Day Off"). Related Video:

Texan finds creative way to clear highway fast lane

Few things are as infuriating as someone driving slow in the fast lane. A Jeep driver from Texas found himself in just such a predicament near Fort Worth, and came up with a creative way to urge the offending lane-blocker to get a move on. Machine, a YouTuber and off-road enthusiast from the Lone Star State, posted some dashcam footage to his account back in March which showed him stuck behind a slow driver. He was attempting to pass a slow-moving bobtail Peterbilt tractor when he got hung up by a white Ford Econoline squatting in the passing lane. On his YouTube page, Machine stated that the van, which apparently belonged to a plumbing company, was traveling along between 60 and 70 miles per hour along a stretch of highway with a stated speed limit of 70 mph. Confronted with the slow-moving van blocking the left lane, and traffic in the right lane, Machine called the number on the back of the Econoline and politely asked him to get out of the way. In the Econoline, the passenger picked up and was momentarily confused as Machine asked him to ask his driver to move out of the lane and let traffic pass. The van sped up, passed a tractor-trailer, and got out of the way, much to the relief of the traffic behind him. According to CBS news, 38 states have laws on the books to punish slow drivers squatting in the passing lane. In five of those states, the fine is upwards of $1000, and 22 states classify it as a misdemeanor. Related Video: News Source: YouTube, CBS News Auto News Humor Weird Car News Ford Jeep Driving Safety Minivan/Van SUV Commercial Vehicles wrangler passing lane