Thursday, July 26, 2018

This is how you know they are lying.

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)

1 comment:

  1. I've had the worst service with American cars. THE WORST! Toyota service is amazing!