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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:

Annie Leibovitz goes Continental for Lincoln campaign

Lincoln has a lot riding on the new Continental, and the company is now calling upon renowned photographer Annie Leibovitz to glam-up its new flagship. Her photos are part of a new series dubbed "That's Continental," which the automaker will use in high-end publications and on social media. Leibovitz's iconic photos have been used in magazines like Rolling Stone and Vanity Fair, and she's photographed celebrities, politicians, literary icons, and landmark events. The new series for the Continental is Leibovitz's first attempt at car photography and it follows a road trip theme inspired by the trips she took with her father as a child. The photos for the campaign were shot in New York City with a group of non-professional models, including a musician, an artist, an actor, and a film director and his dog, Seven. "Annie Leibovitz is a photographer of substance," said Lincoln president Kumar Galhotra. "The rich, warm emotions her photos evoke, mirror the feelings we want our clients to experience on all of their journeys in the new Lincoln Continental." While we're still arguing over the Continental's looks, Leibovitz's pictures show the sedan at its best. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Featured Gallery 2017 Lincoln Continental Campaign View 12 Photos News Source: LincolnImage Credit: Lincoln Marketing/Advertising Lincoln Luxury Sedan photos

Submit Your Questions for Autoblog Podcast #403

We're set to record Autoblog Podcast #403 this evening. Check out the topics below or drop us your questions and comments via the Q&A module. And don't forget to subscribe to the Autoblog Podcast in iTunes if you haven't already done so. To take it all in live, tune in to our UStream (audio only) channel at 10:00 PM Eastern tonight.
Discussion Topics For Autoblog Podcast Episode #403
Ford investing $5B in Lincoln