Since taking office a few weeks ago, U.S. President Donald Trump has announced new tariffs on more than one country - a list including 10 percent levies on Chinese goods, along with 25 percent on items coming from Mexico and Canada. Trump would up pushing back the start date of tariffs on Mexico and Canada by at least 30 days after both of those countries took action to address his concerns regarding border security, though the Chinese levies did indeed take effect. Now, Trump has added 25 percent tariffs to imported steel and aluminum, too.
Trump previously announced that he planned on adding this 25 percent tariff to imported steel and aluminum, though now, it has officially taken effect, according to the Associated Press. The tariffs stand to impact Ford and other companies given the fact that Canada is currently the top foreign supplier of aluminum for the U.S., while Mexico is third in terms of supplying steel from other countries, plus Japan and South Korea also export a significant amount of steel to the U.S.
Meanwhile, China has long drawn criticism for flooding the global market with steel and driving prices down, which has hurt domestic steelmakers in the U.S. This is why current U.S. trade barriers are designed to slow down the flow of steel from China into the country - currently, Chinese steel accounts for only around two percent of total imports as a result. Regardless, the thought behind these new tariffs is to give U.S. steelmakers the ability to raise prices, invest in upgrading capacity, and keep those mills running amid intense foreign competition.
It’s unclear to what extent these new tariffs might impact Ford or its consumers, financially speaking, but we do know that it’s currently dealing with the aforementioned tariff on Chinese goods due to the fact that it builds the Lincoln Nautilus there and sells the luxurious crossover in the American market. Together with the Buick Envision, the Nautilus accounts for 95 percent of the 88,515 vehicles made in China that were sold in the U.S. last year.
Its first public outing in quite some time.
It lived with the original owner until just a couple of months ago.
Something Ford has been exploring for years now.
It could cause production stoppages as soon as this month.
Thankfully, no workers were injured.
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No kidding. Trump was voted in to save the voters $$$ not increase the cost of goods many time over. Be careful what you wish for...you just may get it!
Trump lied like he always does.
Start saving your money folks.
Trump did promise high tariffs which is one of the few promises he has kept. So much for controlling inflation and the cost of bacon and eggs.
The more ugly Mavericks these tariffs can keep off the road the better!