Ford Motor Company CEO James Hackett said Wednesday that steel and aluminum tariffs have cost the automaker $1 billion.
Tariffs severely hurt the company because most of their supply came from U.S. suppliers, Hackett said at the Bloomberg business forum conference in New York City, Reuters reported.
President Trump slapped tariffs of 25 percent on steel and 10 percent on aluminum imports in the spring and businesses like carmakers have complained that their costs have soared, especially following the price of steel rising 25 percent.
The metals tariffs directly hit almost $50 billion worth of goods, and billions worth of downstream goods.
A wide range of businesses from auto dealers to labor unions say the tariffs are hitting hard.
The American Automotive Policy Council estimates steel and aluminum tariffs will cause a $400 per car price increase.
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Ford CEO says metals tariffs have cost the company $1 billion https://t.co/vEigVGmehE pic.twitter.com/HblT1YarQv
— The Hill (@thehill) September 26, 2018
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