Wednesday was a bad day for Detroit's automakers.
"GM said a higher-than expected jump in commodity costs and unfavorable exchange rates in Brazil and Argentina will cost it an extra $1 billion this year. Ford’s second-quarter earnings plunged by almost 50 percent and the company lowered its 2018 earnings projections.
Ford’s Chief Financial Officer Bob Shanks said its commodity costs during the quarter were about $300 million higher from last year, attributing about half of that to the U.S. tariffs on steel and aluminum. The tariffs are expected to eat up about $600 million in profit this year, he said."
I don't remember either of these companies doing profit warnings under Obama's 522% tariffs on steel. 522 percent! In fact..... this was the headline back then:
U.S. wisely gets tough with 522 percent tariff on Chinese steel.
"Chinese steel companies have used free trade agreements to flood the world with cheap product, hurting European and U.S. mills. But rather than scrap the deal, the Commerce Department imposed punitive 522 percent tariffs.
That's how free trade is supposed to work. Countries agree to fair rules that apply to everyone with the understanding that if they are broken, harsh punishment will follow. In this case, the Obama administration is imposing a 266 percent anti-dumping duty and a 256 percent anti-subsidy duty." (emphasis mine)
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A pox on all their houses. Ford, GM, Chrysler. They're not american car companies anymore. They are owned by other companies that are owned by Venture capalists all over the world.
ReplyDeleteFuck them.
I've had the worst service with American cars. THE WORST! Toyota service is amazing!
ReplyDeleteShe said,
ReplyDeleteThey went to shit when they had no competition after WW II and then they let the competitors eat them up.
Arthur Deming TRIED to make them listen, but no.
So he went to Japan. They listened.
They fucking kicked the living shit out of "Built For Tough" and the others'.
What did they do in response?; did they improve quality? Fuck no they didn't.
They bought stock in japanese companies and continued to make shit...until the banks owned them.
Fuck american car companies. They aren't american. There is no real pride.
They let themselves turn into self satisfied shit bags and turned the the perfect city for industry (Detroit) (waterways, coal, Iron) to a wasteland of public doles and wandering post civilization Mad Max.