SMM, Sept. 27: Ford CEO Hackett said tariffs imposed by the Trump administration on imports of steel and aluminum would cost the company $1 billion. Ford said the number of losses would continue to grow from March to 2019. "ironically, in any case, most of our metal today comes from the United States," Hackett told Bloomberg Television. " He explained that most of GM's metals come from domestic manufacturers in the United States, and these companies have raised the prices of metal products accordingly.

In March, the United States imposed tariffs on steel and aluminum imports from some countries, and in June it imposed tariffs on Canada, Mexico and the European Union. The Trump administration defends tariffs by calling foreign steel and aluminum a threat to US national security. Executives at (Nucor), an American steel giant, praised tariffs this summer for fueling rising prices and demand. Ford and other carmakers could face more resistance if the Trump administration continues with its proposal to impose a new tax on car imports.

According to industry estimates, if the United States imposed a 25 per cent tariff on foreign-made cars, the cost of an ordinary new car sold in the United States could increase by more than $4000, and the cost of imported cars and trucks could increase by nearly $7000.

Separately, Federal Reserve (Federal Reserve) Chairman Powell said Wednesday that trade tensions between the United States and China and other countries have not yet been reflected in rising consumer prices. But he warned that Americans could eventually feel the sting of a trade war. "the retail prices of American goods are likely to rise," he said at a news conference in Washington.

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