Summary
Ford expects to spend around $2 billion due to tariffs this year, which is more than it thought earlier. The costs come from tariffs on materials like aluminum and steel and from higher duties on goods from Mexico and Canada. Ford's expenses are less than some competitors because it makes most of its cars in the US.
Key Facts
- Ford predicts tariffs to cost it about $2 billion in 2023.
- The company paid an extra $800 million in tariffs from April to June.
- Tariffs include duties on car parts and materials like aluminum and steel.
- Duties from Mexico and Canada stayed high longer than expected.
- Ford has most of its manufacturing in the US, lowering its tariff impact compared to some competitors.
- Ford is discussing with the White House to try to lower the tariffs.
- Ford's stock value dropped about 1.5% after tariff-related cost news.
