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Let's Start a Trade War
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techno900



Joined: 28 Mar 2001
Posts: 3153

PostPosted: Mon Nov 05, 2018 9:11 am    Post subject: Reply with quote

From Snopes:

Quote:
It is true that, according to Ford CEO Jim Hackett, the company lost $1 billion in profit as a result of Trump’s tariffs on imported steel and aluminum. Hackett told Bloomberg Television on 26 September 2018 that “The metals tariffs took about $1 billion in profit from us — and the irony is we source most of that in the U.S. today anyways. If it goes on longer, there will be more damage.”

It’s also true that layoffs will be taking place at Ford, but spokeswoman Karen Hampton told us those job reductions have nothing to do with losses resulting from President Trump’s tariffs and will affect the company’s salaried workforce and not their hourly/manufacturing positions. Hampton said that “this [reorganization] is a global effort and not specific to the U.S. We began this effort recently as part of our CEO’s work to make us a faster, more nimble, more innovative company.” The reorg has nothing to do with external forces such as tariffs, she added.


https://www.snopes.com/fact-check/ford-tariff-layoffs/
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mac



Joined: 07 Mar 1999
Posts: 11274
Location: Berkeley, California

PostPosted: Mon Nov 05, 2018 8:48 pm    Post subject: Reply with quote

techno900 wrote:
From Snopes:

Quote:
It is true that, according to Ford CEO Jim Hackett, the company lost $1 billion in profit as a result of Trump’s tariffs on imported steel and aluminum. Hackett told Bloomberg Television on 26 September 2018 that “The metals tariffs took about $1 billion in profit from us — and the irony is we source most of that in the U.S. today anyways. If it goes on longer, there will be more damage.”

It’s also true that layoffs will be taking place at Ford, but spokeswoman Karen Hampton told us those job reductions have nothing to do with losses resulting from President Trump’s tariffs and will affect the company’s salaried workforce and not their hourly/manufacturing positions. Hampton said that “this [reorganization] is a global effort and not specific to the U.S. We began this effort recently as part of our CEO’s work to make us a faster, more nimble, more innovative company.” The reorg has nothing to do with external forces such as tariffs, she added.


https://www.snopes.com/fact-check/ford-tariff-layoffs/


So, are you excited that Trump’s tariffs have cost Ford a billion—but that’s not the stated reason for layoffs? That is 1/7 of their net income for 2017. Do you feel better now?

https://www.macrotrends.net/stocks/charts/F/ford-motor/net-income
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techno900



Joined: 28 Mar 2001
Posts: 3153

PostPosted: Tue Nov 06, 2018 9:05 am    Post subject: Reply with quote

I feel better that the whole story is told, not just the segment that supports the leftist agenda.

From mac's posted article:
Quote:
Ford Motor net income for the quarter ending September 30, 2018 was $0.991B, a 36.96% decline year-over-year.
Ford Motor net income for the twelve months ending September 30, 2018 was $6.184B, a 39.66% increase year-over-year.
Ford Motor annual net income for 2017 was $7.602B, a 65.4% increase from 2016.
Ford Motor annual net income for 2016 was $4.596B, a 37.66% decline from 2015.
Ford Motor annual net income for 2015 was $7.373B, a 498.94% increase from 2014.


It seems that Ford's profits for the 12 months ending on 9/30/18 was averaging 1/2 billion per month. And then in the last three month ending on the same date the profit was averaging 1/3 billion per month. Doesn't seem like a big deal compared to the wildly variable net profits they show from year to year.

From another source showing 2013 and 2014.
7.16B 2013
1.23B 2014
7.37B 2015
4.6B 2016
7.6B 2017

from: https://www.marketwatch.com/investing/stock/f/financials

At best, the headline that Ford has lost 1 billion because of tariffs is somewhat misleading and not the WHOLE story. They were capable of losing 6 billion between 2013 and 2014 for who knows what reason, but not tariffs.
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boggsman1



Joined: 24 Jun 2002
Posts: 6683
Location: at a computer

PostPosted: Tue Nov 06, 2018 10:13 am    Post subject: Reply with quote

Techno...in the history of Democratic, free market capitalist countries, tariffs have a .000 batting average. A YUGE tax on the consumer, and massively disruptive. This year is another case study as the markets have swooned since the beginning of the year.... There are 100's of companies that have experienced big negative impacts from tariffs...
I am hoping tRump shows Peter Navarro the door soon...
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techno900



Joined: 28 Mar 2001
Posts: 3153

PostPosted: Tue Nov 06, 2018 10:44 am    Post subject: Reply with quote

I am neither for or against tariffs. However, is the trade deficit a real problem for the US economy, and if it is, how is that rectified?

Not an expert, so fill me in.

As I have said before, I am for honest/complete reporting and that is really had to find from either side of the political spectrum.
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boggsman1



Joined: 24 Jun 2002
Posts: 6683
Location: at a computer

PostPosted: Tue Nov 06, 2018 11:03 am    Post subject: Reply with quote

techno900 wrote:
I am neither for or against tariffs. However, is the trade deficit a real problem for the US economy, and if it is, how is that rectified?

Not an expert, so fill me in.

As I have said before, I am for honest/complete reporting and that is really had to find from either side of the political spectrum.


I think if it continues at the current pace , Yes, its a problem, but it has been on this trajectory for 40 years. The trade deficit has actually accelerated since tariffs took hold, as our goods are now being priced out of the market, like Soy.
Changing the dynamics of the trade deficit will be difficult, but its not an emergency, but tariffs do not help.
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mat-ty



Joined: 07 Jul 2007
Posts: 4926

PostPosted: Tue Nov 06, 2018 11:57 am    Post subject: Reply with quote

https://www.iol.co.za/business-report/international/us-china-deal-maybe-close-says-trump-17774220
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boggsman1



Joined: 24 Jun 2002
Posts: 6683
Location: at a computer

PostPosted: Tue Nov 06, 2018 12:45 pm    Post subject: Reply with quote

If you read the story, you will see Kudlow is not optimistic..
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real-human



Joined: 02 Jul 2011
Posts: 9108
Location: on earth

PostPosted: Mon Nov 26, 2018 1:13 pm    Post subject: Reply with quote

notice they waited till after the election to tell the idiots this...


https://www.yahoo.com/news/gm-cut-14-700-jobs-161323318.html

GM To Cut 14,700 Jobs And Close Plants In North America

DETROIT (AP) — The Latest on General Motors’ restructuring plans (all times local):

10:30 a.m.
Quote:


General Motors will lay off 14,700 factory and white-collar workers in North America and put five plants up for possible closure as it restructures to cut costs and focus more on autonomous and electric vehicles.

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real-human



Joined: 02 Jul 2011
Posts: 9108
Location: on earth

PostPosted: Mon Nov 26, 2018 1:15 pm    Post subject: Reply with quote

https://www.yahoo.com/news/gm-just-laid-off-15-163438328.html

GM Just Laid Off 15,000 Workers Less Than One Year After Trump Promised Tax Cuts Would Save US Jobs [Opinion]

_________________
when good people stay silent the right wing are the only ones heard.
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