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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:

Huge JFK auction includes two classic Lincolns

Want to own a piece of American history? Perhaps you should consider 35th President John F. Kennedy's limousine, a stretched 1960 Lincoln Continental, or the last car he safely rode in before his assassination, a 1963 Lincoln Continental convertible. Both of them will be up for sale at the Camelot: Fifty Years after Dallas auction on October 24, a JFK 50th anniversary auction in Boston.
The black 1960 Continental was part of the presidential motorcade and is bulletproof. The body has been restored to the tune of about $35,000, according to RR Auctions, but the interior was left alone. That's okay, because the winning bidder will be able to enjoy lounging in the well-preserved seats and stepping on the original tan carpeting, just as President Kennedy did. The next owner can even play President, with a divider window, passenger air controls and a two-way telephone - if a chauffeur is hired, of course. The starting bid for the Continental is $25,000.
The other car is more historically relevant (but in this writer's eye, less beautiful), and commands a starting bid of $50,000. The white, convertible 1963 Continental was the last car President Kennedy rode in before his assassination in Dallas - with a notarized document by the car's owner at the time as proof. It was used to transport the President, his wife, Jacqeuline, and Texas governor John Connally "from a breakfast and speech at the Texas Hotel ballroom through the streets of Fort Worth to Carswell Air Force Base, where they boarded a short flight to Dallas on the morning of November 22, 1963," according to RR Auctions. Lincoln specialist Baker Restoration in Connecticut restored the car, which included an engine replacement, body work and paint. Most of the interior, including the seats, are in original condition.

Porsche Taycan is here, Lamborghini Sian is near | Autoblog Podcast #594

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor Alex Kierstein and Senior Editor, Green, John Beltz Snyder. They start the conversation with the cars they've been driving, including the Subaru Forester, Lincoln Navigator, Mercedes-AMG C 43 and Subaru Crosstrek Hybrid. Then they talk about the biggest news of the week: the reveal of the all-electric Porsche Taycan. After that, they sweep up other news, like the Lamborghini Sian, new Nissan Juke and the Aston Martin Vanquish 25 by Ian Callum. Next, Autoblog's Erik Meier, who both produces this very podcast and also hosts our Twitch livestream, joins the chat with his impressions of the latest racing game, "WRC 8." Finally, our editors try to provide some helpful guidance in the "Spend My Money" segment. Autoblog Podcast #594 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2019 Subaru Forester 2019 Lincoln Navigator 2019 Mercedes-AMG C 43 Coupe 2019 Subaru Crosstrek Hybrid Porsche unveils 2020 Taycan Turbo and Turbo S 2020 Lamborghini Sian Next-generation Nissan Juke Aston Martin Vanquish 25 by Ian Callum Autoblog plays "WRC 8" Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video:     Green Podcasts Toys/Games Aston Martin Lamborghini Lincoln Mercedes-Benz Nissan Porsche Subaru Used Car Buying Coupe Crossover SUV Electric Hybrid Performance