March 6, 2018

Steel tariff could cost Ford and GM $1 billion a year

WGHP, NC - President Trump's steel tariff could cost Ford and General Motors $1 billion a year. That's the hit each company could take if the tariff translates into a similar increase in steel prices, according to a Goldman Sachs analysis. Trump has proposed a 25% tariff on imported steel, along with a 10% tariff on aluminum. $1 billion represents 12% of Ford's profit last year and 7% of GM's, the analysis said.

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