Ford says rising steel and aluminum prices are a major drag on its business

SMM8, 10th: Trump's tariffs on steel and aluminum are due to rising steel and aluminum prices, which are a major drag on Ford Motor Company's business. However, a senior executive said the company does not intend to pass on the rising costs to consumers.

Ford warned at the beginning of the year that rising costs for raw materials such as steel and aluminum, coupled with changes in exchange rates, expected costs to rise by $1.6 billion this year.

Last month, Ford further cut its profit forecast for this year to below last year's level. Farley also said the company did not raise the price of its cars because of rising steel and aluminum prices.

General Motors also expressed its views after President Trump imposed tariffs on foreign steel and aluminum, saying part of its willingness to fall in profits was due to rising steel and aluminum prices.

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