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Trump's pricing is costly for a multitude of companies in various industries.
The automaker Ford Motor Co. (F) and the multinational oil and gas company BP p.l.c. (BP) were mixed on Wednesday (September 26th), after the CEOs of each company said the rates had gone down in their profits.
"Metal prices have brought in about $ 1 billion – and the irony is that we buy most of them in the US today," Ford CEO Jim Hackett said in an interview. on Bloomberg Television. "If it lasts longer, there will be more damage."
"What we urge our administration to do – where we are in China and Europe – we say, you must reach an agreement quickly," said Hackett.
Ford's shares fell 0.7% to $ 9.32 at 1:15 pm. New York time.
In July, Ford lowered its annual earnings guidance to $ 1.30 to $ 1.50 a share, down from previous expectations of $ 1.45 to $ 1.70. The car manufacturer based in Dearborn, Michigan, revised its annual earnings forecast after a difficult second quarter, in which Ford suffered a fire at its US supplier Meridian and "an increasingly uncertain political environment of business such as higher raw material costs than normal cyclical effects as well as tariff-related impacts, "said CFO Robert Shanks.
In addition, London-based BP said US steel and aluminum tariffs were driving up costs.
"The flow of crude continues to move," said BP CEO Bob Dudley on Tuesday in an interview with Bloomberg Television. But "we are seeing the cost of steel rise, for example, in what we do in the United States, about $ 100 million".
BP's shares rose 0.6% to $ 46.60.
Ford and BP join retail giant Walmart Inc. (WMT), semiconductor company Micron Technology Inc. (MU) and Apple (AAPL) to denounce the company's marketing policies and pricing. Trump administration.
President Donald Trump stepped up his trade dispute with China this month, imposing 10 percent tariffs on Chinese goods worth $ 200 billion. China reacted by imposing tariffs on US products worth $ 60 billion. However, China announced on Wednesday its intention to reduce tariffs on imported products such as machinery, electrical equipment and textile products.
The Trump administration earlier this year imposed tariffs of 25% on steel and 10% on aluminum. Between July 23 and 16, the United States collected about $ 1.4 billion in new revenues from steel and aluminum tariffs, according to CNBC, citing a report prepared for members of Congress. Trump tweeted in August that because of tariffs, the United States will start paying off large debts.
Because of the rates, we will be able to start repaying much of the $ 21 trillion debt accumulated by the Obama administration, while cutting taxes for our employees. At a minimum, we will do many more business transactions for our country!
– Donald J. Trump (@realDonaldTrump) August 5, 2018
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