1991 Ford Mustang Gt Hatchback 2-door 5.0l on 2040-cars

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Jim Hackett says metal tariffs costing Ford $1 billion in profits

Ford CEO Jim Hackett divulged in an interview with Bloomberg that the Trump administration's tariffs on metals imported from the European Union, Canada and Mexico have affected the automaker's balance sheet, adding that trade disputes need a quick resolution. "From Ford's perspective, the metals tariffs took about $1 billion in profit from us," Hackett told the outlet. "The irony is we source most of that in the U.S. today anyways. We're in a good place right now, but if it goes on longer there will be more damage." Hackett did not specify what period the $1 billion covered, but a Ford spokesman said the CEO was referring to internal forecasts at Ford for higher tariff-related costs in 2018 and 2019. President Trump in March announced his intention to enact 25 percent tariffs on steel imports and 10 percent on imported aluminum from the three trade zones as a way to protect the U.S. steel industry. The move sent U.S. automakers' stock prices plunging at a time when they were coming off weak monthly sales reports. Separately, President Trump has targeted China with two rounds of tariffs targeting a combined $260 billion worth of imports. China has responded by enacting 25-percent tariffs on U.S. goods including vehicle imports. In the interview, Hackett said that has hurt demand for Lincoln, which has found a growing market for its luxury vehicles in China, and made the price of the Lincoln MKC less attractive to Chinese buyers. The MKC is built at the company's Louisville, Ky. assembly plant. "We've had to move people in that factory to other operations because of that trade problem," he said. It's not clear what those moves entail or how many workers were involved. Autoblog sought comment from a Ford spokeswoman and will update this story if we hear back. Ford last month announced it was scrapping plans to import the Focus Active small crossover to the U.S. from China because of the new 25-percent tariffs on Chinese imports. Material from Reuters was used in this report Related Video:

Ward's calls out Ford's EcoBoost engines for their crummy fuel economy

With a name like EcoBoost, one might expect Ford's line of turbocharged engines to be somewhat, um, economical. In other words, replacing displacement with a turbocharger is supposed to deliver better fuel economy. Based on the experience time and time again of multiple Autoblog editors, your author included, this is simply not the case. Now, Ward's is calling out the cruddy efficiency numbers of Ford's EcoBoost line of engines. The column dresses down not just the new 2.7-liter V6 of the 2015 F-150, but also the 2.3-liter of the Mustang, the 1.5-liter from the Fusion and the 3.2-liter PowerStroke diesel found in the Transit, while also explaining why just one Ford engine was named to Ward's 10 Best Engines list. In its testing of all four engines, Ward's editors never came even remotely close to matching the 2.7's claimed 26 miles per gallon (for two-wheel-drive models), with the truck's computer indicating between 17.6 and 19 mpg over a 250-odd-mile run. Calculating the fuel economy manually revealed an even more depressing 15.6 miles per gallon. Criticisms with the 2.3-liter four-cylinder focused on its strange soundtrack, although it was business as usual with the 1.5-liter and 3.2 diesel, with Ward's criticizing the fuel economy of both engines. The 1.5, which Ward's claims is sold as a hybrid alternative, failed to get over 30 miles per gallon, while the five-cylinder turbodiesel's figures couldn't stand up against FCA's 3.0-liter EcoDiesel. The entire column really is worth a read, especially if you were disappointed in Ward's decision to only salute Ford's three-cylinder EcoBoost while shunning the rest of the company's new turbocharged mills.

Seinfeld's Porsches, '61 Ferrari lead the way at Gooding Amelia Island sale

If you're in the market for a sports car with celebrity provenance or just an incredibly well-preserved high-performance machine, then you'll want to check out Gooding & Company's Amelia Island auction in Florida on March 11. The highlight of the sale is likely 18 cars, mostly Porsches, from Jerry Seinfeld's collection, but there's more to see than just the comedian's sporting metal. While several of Seinfeld's cars carry auction estimates in the millions, they aren't the most valuable at the sale. That honor falls on a 1961 Ferrari 250 GT SWB California Spider, which could sell for between $15 million and $17 million. This one is among the 37 examples with covered headlights, and it has some theatrical provenance after appearing in the Sophia Loren film Yesterday, Today, Tomorrow. If your tastes skew more American, then one of 31 Ford GT40 MKI road cars is also among the lots. Gooding expects the rare coupe to sell for between $3.2 million and $3.6 million. Ford originally used this GT40 for dealer promotions, but it eventually fell into private hands. Even today, its multiple owners have only covered around 3,200 miles in it. Gooding also expects a 1931 Duesenberg Model J Disappearing-Top Convertible Coupe with a body by Murphy to bring $2.5 million to $3 million. The auction house claims this might be the "most original" example left because of a history of owners who kept it for long periods – and the vehicle never needed a complete restoration. Some lots carry more attainable estimates like $35,000 for a 1962 MGA. You can check out all the listings on Gooding's online catalog and some of the highlights in the gallery above. You've probably read the news about Seinfeld's Porsches, but here's a refresher: The collection includes amazing cars like a 550 Spyder, 917/30 Can-Am Spyder, and a 718 RSK. Related Video: