Ford says Trump tariffs to cost it $2bn this year
Ford's finance chief Sherry House said the firm had raised its forecast for the cost of tariffs on its business because levies on Mexico and Canada, where it has facilities, have remained higher for longer than expected. She also pointed to US tariffs on imported aluminium and steel.Last week, rival carmaker General Motors said tariffs had already cost it more than $1bn, while Volkswagen put its hit at $1.5bn.Jim Farley, Ford's chief executive, said the firm is in regular contact with the White House as the company tries to secure lower tariffs, especially on vehicle parts."We see there's a lot of upside depending on how the negotiation goes with the administration," he said.Trump has raised duties on most goods, with special tariffs targeting cars and car parts, as well as the key materials used to manufacture them.He has said the measures are intended to convince companies, in the US and abroad, to make their products in America.Ford's shares were about 1.5% lower in extended trading in New York on Wednesday after the earnings announcement.
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