CBJ — $1 billion. That’s how much the stifling metals tariffs have cost Ford Motor Co. to date, according to CEO James Hackett. This is in spite of the fact that most of the metals have been delivered from American suppliers.

Ford had previously said that despite buying the vast majority of steel and aluminum for U.S. production domestically, the tariffs could result in higher domestic commodity prices.

Back in March the U.S. said it would impose a 25% tariff on imported steel and a 10% tariff on imported aluminum.

On numerous occasions automakers in the U.S., Europe and Asia have warned that U.S. President Donald Trump’s metals tariffs would increase car prices by hiking commodity costs for manufacturers.

@CanBizJournal