NEWS： Ford executives say the cost of steel and aluminum is eroding profits.
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A Ford Motor (F.N) executive said Monday that rising steel and aluminium costs caused by the trade war had eroded company profits, but still hoped that the United States and China could avoid further escalation of tensions.
"These costs are definitely higher than last year and higher than we expected," said Joe Hinrichs, Ford's executive vice president and global head of business, about the cost of steel and aluminum.
Hinrichs told reporters that the cost of steel in the United States is higher than that in other parts of the world. He said Ford's management has been working with all parties concerned, including the U.S. government, to solve the problem.
Although the United States reached new free trade agreements with Canada and Mexico at the end of last month, the tariff issue remains to be resolved. In addition, the trade war between the United States and China is also deadlocked.
The U.S. auto industry has warned of imposing tariffs on more Chinese goods, saying it would hurt car sales and reduce jobs.
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