Current Events > Trump's tariffs have cost Ford 1 billion and is now forced to layoff workers.

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dreamvoid
10/09/18 4:08:39 PM
#1:


https://www.nbcnews.com/business/autos/trump-s-tariffs-have-already-cost-ford-1b-now-it-n917756

Ford will be making cuts to its 70,000-strong white-collar workforce in a move it calls a "redesign" of its staff to be leaner, have fewer layers, and offer more decision-making power to employees, the company announced.

The number of jobs that will be axed is unknown at this point.

A lot of the (reorganization) is about making different choices about strategy, Chief Financial Officer Bob Shanks told NBC News, adding that the goal isnt just to slash spending but to improve the fitness of the company.

However, a recent report by Morgan Stanley estimates "a global headcount reduction of approximately 12 percent, or 24,000 of Ford's 202,000 workers worldwide. "Such a magnitude of reduction is not without precedent in the auto industry, analysts wrote in the investment note.

The decision is part of Ford's $25.5 billion reorganization plan, which includes slashing $6 billion in improved capital efficiencies. Ford CEO Jim Hackett, who cut more than 12,000 jobs as head of office furniture maker Steelcase, had been expected to make cutbacks even sooner, according to some observers. Hackett took over from Ford veteran Mark Fields when he was ousted from the company in May 2017.

Ford is lagging behind the competition, selling an anemic 32.8 vehicles per employee. Long-time rival GM puts out 52.7 vehicles per employee. But it's unclear exactly how improved efficiencies will impact potential job cuts.

Ford has already warned that President Donald Trump's auto tariffs have impacted the company to the tune of $1 billion, and the presidents trade policies threaten to play havoc with Fords ongoing reorganization, Shanks told NBC News.

Trump and Ford have been squaring off since well before the 2016 election, when then-presidential candidate originally threatened to impose hefty tariffs on vehicles Ford intended to start importing from a factory in Mexico. The carmaker eventually scrubbed that plan, but rather than return production to the U.S. it decided to move it to China.

Ironically, Ford actually may have to cut production of the Mustang and some other models in the process, potentially reducing U.S. jobs as a result of the tariffs China has enacted on American-made vehicles in a tit-for-tat trade war. The Mustang had been one of the most popular U.S. vehicles sold in that country.


trump hates the working man. how are tariffs supposed be making america great again?
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HylianFox
10/09/18 4:09:26 PM
#2:


Ford was a Nazi sympathizer so good
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lilORANG
10/09/18 4:10:19 PM
#3:


Luckily Ford still pays a decent dividend, even if they haven't been growing much lately.
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ArchiePeck
10/09/18 4:10:20 PM
#4:


dreamvoid posted...
how are tariffs supposed be making america great again?


They make rich old white men slightly richer.
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Unbreakable
10/09/18 4:11:33 PM
#5:


I'm utterly shocked a failure of a businessman who can't even keep casinos from going bankrupt has no economical sense
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BLAKUboy
10/09/18 4:11:39 PM
#6:


Is this the winning I was promised?
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#7
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ImTheMacheteGuy
10/09/18 4:15:33 PM
#8:


But economy, jobs and dow jones
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tremain07
10/09/18 4:16:44 PM
#9:


China's economy took a 5 percent loss because of this, they can't hold out forever or their people will rebel, the US can last far longer than they can, Trump's a genious
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Unbreakable
10/09/18 4:18:48 PM
#10:


ImTheMacheteGuy posted...
But economy, jobs and dow jones

Funny enough, all the things Trumpers give him credit for are based on far, far more than just him and his choices. When Trump actually gets in there and tries to push his own policy, things fall apart.
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voldothegr8
10/10/18 10:10:00 AM
#11:


Another struggling company blaming Trump tariffs for their poor performance. Lets just forget Ford has been bleeding since 2013, only making Trucks and Mustangs now, and has failed to be competitive in vehicle automation, or in other words failing to adapt to the future.
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DanHarenChamp
10/10/18 10:16:40 AM
#12:


How ironic is it that Ford imports most of their parts from outside of the US when you have all these rednecks buying Ford cuz its "american made" yet Tacoma's have the highest percentage of american-made parts but its a "shitty japanese truck"?

Even tho I drive a Tacoma, I actually do like ford trucks and am considering getting one in the future. But its just funny how rednecks make their opinions.
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spudger
10/10/18 10:17:34 AM
#13:


Unbreakable posted...
I'm utterly shocked a failure of a businessman who can't even keep casinos from going bankrupt has no economical sense

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Anarchy_Juiblex
10/10/18 10:22:21 AM
#14:


So the only American auto company that didn't need a bailout is getting fucked here?

Awesome. -_-

(my facts might be off though.)
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JE19426
10/10/18 10:23:02 AM
#15:


tremain07 posted...
China's economy took a 5 percent loss because of this,


Could I see your source?
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davyheinz
10/10/18 10:23:49 AM
#16:


DanHarenChamp posted...
How ironic is it that Ford imports most of their parts from outside of the US when you have all these rednecks buying Ford cuz its "american made" yet Tacoma's have the highest percentage of american-made parts but its a "shitty japanese truck"?

Even tho I drive a Tacoma, I actually do like ford trucks and am considering getting one in the future. But its just funny how rednecks make their opinions.

The general idea is that they are uneducated and will believe propaganda so that actually lines up quite well.
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CableZL
10/10/18 10:23:57 AM
#17:


The Trump tariffs are also costing the company I work for quite a bit. I don't think they've laid off anyone because of it yet, though.
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voldothegr8
10/10/18 10:26:44 AM
#18:


Anarchy_Juiblex posted...
So the only American auto company that didn't need a bailout is getting fucked here?

They fucked themselves. Again, Ford has been bleeding for 5 years prior to these tariffs.
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#19
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Rick-C137
10/10/18 10:28:26 AM
#20:


ford doesn't wanna adapt, they deserve to fail
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P4wn4g3
10/10/18 10:30:29 AM
#21:


Hey. Hey.
What did I say 2 weeks ago?
The layoffs are a comin

Expect big tech to do the same.
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spudger
10/10/18 10:30:35 AM
#22:


Look at all the trumpeters defending trump causing out of work Americans

Loyal to Donnie not America
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Anarchy_Juiblex
10/10/18 10:32:43 AM
#23:


spudger posted...
Loyal to Donnie not America


Many of them have been stating this openly since the Mueller investigation started.
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Rick-C137
10/10/18 10:33:24 AM
#24:


ford has refused to adapt for years now, their failure is their own not trumps
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Doom_Art
10/10/18 10:35:14 AM
#25:


@Rick-C137 hates it when Americans have jobs for some weird reason
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Unbreakable
10/10/18 10:35:32 AM
#26:


Rick-C137 posted...
ford has refused to adapt for years now, their failure is their own not trumps

Jerry, you just posted this nonsense 4 posts ago
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davyheinz
10/10/18 10:36:12 AM
#27:


Doom_Art posted...
Rick-C137 hates it when Americans have jobs for some weird reason

Must be a Russian bot
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Rick-C137
10/10/18 10:36:50 AM
#28:


dreamvoid posted...
The decision is part of Ford's $25.5 billion reorganization plan, which includes slashing $6 billion in improved capital efficiencies. Ford CEO Jim Hackett, who cut more than 12,000 jobs as head of office furniture maker Steelcase, had been expected to make cutbacks even sooner, according to some observers. Hackett took over from Ford veteran Mark Fields when he was ousted from the company in May 2017.

i also love how no one cares about this part

"can i blame trump? cool the rest doesn't matter"
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Unbreakable
10/10/18 10:37:55 AM
#29:


Poor Jerry is triggered that rational people view his messiah as a failure and a moron
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Purple_Cheetah
10/10/18 10:38:28 AM
#30:


Not surpised with the number of their vehicles being built in Turkey or whatever. They got around the light truck tax of the chicken tax like others after some adaption, but being so widespread across the world it was only a matter of time for other stuff to get hit.

As for their vehicles... they're ok, not really a fan of them outside of a few examples. To be fair they announced axing 5 of their car models from the US(or entirely) months ago so this isn't suprising in the least.

Thought it was India, but was Turkey. Though to be fair they're pretty european heavy so to claim they're murican is about as accurate as when my parents claimed their buick was a great american car after being protestant of korean vehicles. Ironically the buick was a rebadged GM Korea vehicle.
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KiwiTerraRizing
10/10/18 10:38:37 AM
#31:


HylianFox posted...
Ford was a Nazi sympathizer so good


So is Trump
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Doom_Art
10/10/18 10:41:16 AM
#32:


Can @Rick-C137 please explain why he hates Americans having jobs
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P4wn4g3
10/10/18 10:41:35 AM
#33:


HylianFox posted...
Ford was a Nazi sympathizer so good

Volkswagon is doing great these days
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KiwiTerraRizing
10/10/18 10:43:07 AM
#34:


Doom_Art posted...
@Rick-C137 hates it when Americans have jobs for some weird reason


His post was actually 100% capitalist.
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Complete_Idi0t
10/10/18 10:44:02 AM
#35:


First Kavanaugh and now this. When will Ford get a break?
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Unbreakable
10/10/18 10:44:18 AM
#36:


Doom_Art posted...
Can @Rick-C137 please explain why he hates Americans having jobs

Simple, Jerry aka madfoot, cares purely about Trump. Anything that hurts America is great, because not only does it trigger the liberals, but he's completely insulated from the bad results by virtue of residing in his parent's basement.
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SuperMedz3
10/10/18 10:45:20 AM
#37:


Why you make them in America
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Tyranthraxus
10/10/18 10:46:01 AM
#38:


CableZL posted...
The Trump tariffs are also costing the company I work for quite a bit. I don't think they've laid off anyone because of it yet, though.


It's caused our hardware / computer prices to go up but fortunately we're mostly a software shop so we don't have to buy much hardware. I think we spend less than $500k a year on hardware on average.
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P4wn4g3
10/10/18 10:46:42 AM
#39:


The irony of madfoot being a Jerry and naming himself after a Rick is tangible.
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HypnoCoosh
10/10/18 10:47:09 AM
#40:


Let's not forget that the government bailed out GM and Daimler Chrysler during the recession and Ford was the only one of the Big 3 to keep themselves afloat on their own dime.

If TOO BIG TO FAIL wasn't a thing Ford would have more market share because GM and Daimler Chrysler would have lost ground in the NA market.

This is a result of more than "evil Trump's tarrifs"

Look at Obama and his "Too big to fail bailing out of the banks and auto industry".

Ford held their own when times were tough WITHOUT your tax dollars only to have their competition get propped up on your tax dollar.
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Doom_Art
10/10/18 10:48:17 AM
#41:


HypnoCoosh posted...
but Obama

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HypnoCoosh
10/10/18 10:49:09 AM
#42:


Doom_Art posted...
HypnoCoosh posted...
but Obama


Is that all you got?

Seriously?

Did you even read what I wrote or are you just going to shit post?
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Rick-C137
10/10/18 10:49:45 AM
#43:


leave business to the grown ups, guys
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Doom_Art
10/10/18 10:50:08 AM
#44:


If you're just lazily whatabouting to Obama why would I bother arguing lol
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Purple_Cheetah
10/10/18 10:53:49 AM
#45:


I'm still pretty miffed about cash for clunkers when I learned they glassed the engines and couldn't use the body parts for anything.

I didn't mind the whole trade in thing, but the automotive genocide portion... ugh.
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HypnoCoosh
10/10/18 10:54:01 AM
#46:


Now I remember why the ignore function exists.
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The_Theorum
10/10/18 11:01:48 AM
#47:


This is stupid, Trump is stupid, but these companies are worst. They aren't "forced" to layout a fucking soul, it is corporate greed that is making them chose to fuck people over.
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WaffIeElite
10/10/18 11:05:18 AM
#48:


Man I love being Canadian.
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#49
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The_Theorum
10/10/18 11:23:06 AM
#50:


fenderbender321 posted...
What's more greedy....a company trying to maximize profit


Bingo Bongo.
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