The Ford Motor Company stated that the tariffs imposed by Donald Trump have made the steel more costly and expensive in the United States of America than any other market across the globe which escalates the company’s criticism of the trade war of the president.
Joe Hinrichs, the president of global operations of Ford Motor said on Monday that U.S steel costs are more than anywhere else in the world. He stated this at an event while marketing the start of Ranger pickup production at a factory west of Detroit. According to Joe, Ford is talking to the administration about tariffs. The company will tell that it has such competitive costs in the market which is enough to compete around the world. Ford chief executive Jim Hackett urged the administration of President Donald Trump last month to resolve trade disputes quickly, warning that otherwise, they would do “more damage” to the second-largest US automaker.
The benchmark price for US-made steel, the local hot rolled coil has risen 28 percent in 2018 since the Trump administration imposed import duties. US steel currently costs the US $ 150 more per ton than steel in China which is the largest consumer of the world, accounting for more than half of global demand.
Source: Bloomberg
