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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:

Lincoln MKC spied in final form

When the Lincoln MKC Concept debuted back in January, it received fairly positive feedback from both Autoblog editors and readers alike, and this bodes well for the production version of the luxury crossover judging by these latest spy shots. Reader Ivan Lo captured a few pictures of some MKC prototypes driving around with minimal camouflage, which gives us our best look yet at the design of this new Escape-based Lincoln.
Based on the spy shots from back in May, we already knew that the production MKC would sport some real door handles, a little side cladding and bigger door mirrors, but these latest shots also show us that the rear quarter windows have been enlarged and the integrated dual exhaust outlets have been replaced by round pipes. This means that the MKC will retain the concept's narrow headlights and what is arguably Lincoln's best execution of its split-wing grille. Even better, the rear view confirms the stylish horizontal taillights will remain intact, as well as the Audi-like wraparound liftgate. Since the entire taillight assembly rises along with the liftgate, redundant lights were also added into the rear fascia.
Unfortunately, the low angle of these spy shots leaves us without a view of the interior, but based on its looks alone, the MKC is shaping up to be a promising vehicle for a brand that so badly needs some fresh metal.

8 fastest depreciating cars in America

Getting a new car is an amazing experience. The fresh new scent, the barely touched interior, the double digit miles on your odometer, and... the depreciation once it leaves the car dealers lot? Maybe not that last one. To save you from the hurt of a quickly depreciating new car, we collected 8 of the fastest depreciating cars in America. And here's a surprise, one of them is a Toyota. Learn more at Autoblog.com Cadillac Infiniti Jeep Kia Lincoln Toyota Autoblog Minute Videos Original Video jeep compass cadillac xts infiniti q50 camry q50