Ford Says American Steel Is Now the Most Expensive in the World Thanks to Trump
President Donald Trump started a trade war with China and seemingly the rest of the world, and he began the war by hiking up tariffs on steel and aluminum. While the intended purpose was to “bring steel back” or somesuch, the market forces at work are vastly greater than any mere tariffs that can be thrown at such a globalized commodity.
The end result? Steel is just way more expensive now, Ford says, according to Bloomberg:
Self inflicted wounds.
“U.S. steel costs are more than anywhere else in the world,” Joe Hinrichs, Ford’s president of global operations, said Monday at an event marking the start of Ranger pickup production at a factory west of Detroit. He added that Ford is talking to the administration about the tariffs: “We tell them that we need to have competitive costs in our market in order to compete around the world.”