According to Ford's CEO, Trump's Tariffs on Metals Costs Ford $1 Billion.

> “From Ford’s perspective the metals tariffs took about $1 billion in profit from us,” CEO James Hackett said at a Bloomberg conference in New York, “The irony of which is we source most of that in the U.S. today anyway. If it goes on any longer, it will do more damage.” He did not specify what period the $1 billion covered.

It's reasonable to assume GM is in a similar boat.

Steelworkers Demand Higher Pay as Tariffs Lift Profits

The Wall Street Journal reports Steelworkers Demand Higher Pay as Tariffs Lift Profits.

The steel workers did not benefit. They have authorized a strike demanding higher wages as the price of steel rose 30%.

RECOMMENDED ARTICLES

> Leaders for some 30,000 members of the United Steelworkers union say United States Steel Corp. and ArcelorMittal SA aren’t passing those benefits to their workers, who have gone without raises in recent years even as wages have started to climb more broadly.

Trump Picking Winners

Given there are vastly more users of steel than producers of steel, Trump's ploy was a piss-poor tradeoff. Any gain to the steel industry is a loss by Ford, GM, and all the other users of steel and aluminum.

Ford ate the cost as did GM, but any ability of the steel producers to hike wages is more than offset by lost profits and less opportunity for manufacturers who use steel to hike wages.

Some small- and medium-sized manufacturers who use steel as an input will undoubtedly go out of business. Consumers will pay more for products.

It is idiotic to see any "win" in this other than for a small number of producers at a huge cost everywhere else.

Mike "Mish" Shedlock

Foolishness of Trump's Steel Tariffs in One Image

Trump hopes tariffs will bring back steel manufacturing jobs. It won't happen.

Trump Eyes Another $267 Billion in Tariffs (And He's Foolish Enough to Do It)

As Trump ponders $200 billion in tariff threats, he eyes another $267 billion on top of that.

National Security or Insecurity? Trump Tariffs Will Cost 195K to 624K Jobs

PIIE estimates Trump tariffs will cost 195,000 to 624,000 jobs depending on how countries retaliate.

Ford Promises All Electric "Mach 1" SUV in 2020, 40 Vehicles by 2022

Ford says it will spend $11 billion producing electric vehicles by 2022. One dubbed the "Mach 1" will be ready in 2020.

Trump Tells Aides to Proceed With $200 Billion in Tariffs on China

Despite talks with China, Trump instructs aids to place $200 billion in tariffs on China. Another $267 billion on deck.

Companies Ponder Moving to Mexico to Escape Trump Tariffs

Electronics, furniture, and specialty steel companies are hit hard by Trump Tariffs. Some ponder moving operations.

Tariff Scorecard: 57 Companies Bitch About Trump's Tariffs, 7 Give Positive View

89% of companies taking a stand on Trump's tariffs are complaining. Consumers are taking it on the chin as well.

Trump Surprise Tweet Restores Steel and Aluminum Tariffs

President Trump lashed out at Brazil and Argentina in a surprise Tweet today restoring metal tariffs.

Futures Tank as Trump Proposes $100 Billion More China Tariffs

China retaliated on $50 Billion worth of tariffs, so Tump slammed China with another $100 billion.