Ford Motor Company is reportedly preparing to initiate major layoffs after suffering a blow to profits of at least $1 billion due to tariffs enacted by President Donald Trump.
The nation’s largest automaker hasn’t yet revealed how many workers will be affected. But a report by Morgan Stanley estimated that as many as 12 percent of the company’s 202,000 workers worldwide could be cut, NBC reported.
Layoffs will center on Ford’s 70,000-strong white-collar workforce as part of what the company is calling a “redesign” of its staff in an ongoing $22.5 billion reorganization, according to NBC.
Trump’s tariffs and the retaliatory tariffs they triggered are taking a toll on the U.S. auto industry.
Ford CEO Jim Hackett told Bloomberg last month that tariffs on imported aluminum and steel alone dealt a blow to company profits.
“From Ford’s perspective the metals tariffs took about $1 billion in profit from us,” Hackett said. “The irony of which is we source most of that in the U.S. If it goes on any longer, it will do more damage.”
(Bloomberg) -- Even though Beijing hasn’t sanctioned American oil imports yet, Chinese buyers aren’t taking any chances.
The world’s second largest economy halted purchases of U.S. crude in August for the first time since September 2016, according to U.S. Census Bureau data released Friday. In July, Chinese buyers received nearly 12 million barrels of crude from the U.S.
Beijing, once an enthusiastic buyer of U.S. crude after Washington lifted its restrictions on exports in December 2015, has even jockeyed with Canada for the position of top importer at times. Yet, China’s interest in American oil has diminished amid the escalating trade spat between the two nations.
From my observation he seems to be replacing existing swamp creatures with worse swamp creatures. The problem he has though is the people he's hired seem to be quitting as soon as they realize the only reason he hired them is to be his lackey and feed his ego.
ooby_dooby: Ford Motor Company is reportedly preparing to initiate major layoffs after suffering a blow to profits of at least $1 billion due to tariffs enacted by President Donald Trump.
The nation’s largest automaker hasn’t yet revealed how many workers will be affected. But a report by Morgan Stanley estimated that as many as 12 percent of the company’s 202,000 workers worldwide could be cut, NBC reported.
Layoffs will center on Ford’s 70,000-strong white-collar workforce as part of what the company is calling a “redesign” of its staff in an ongoing $22.5 billion reorganization, according to NBC.
Trump’s tariffs and the retaliatory tariffs they triggered are taking a toll on the U.S. auto industry.
Ford CEO Jim Hackett told Bloomberg last month that tariffs on imported aluminum and steel alone dealt a blow to company profits.
“From Ford’s perspective the metals tariffs took about $1 billion in profit from us,” Hackett said. “The irony of which is we source most of that in the U.S. If it goes on any longer, it will do more damage.”
China is in rough shape right now. The currency value is down. It's going to force them to the negotiating table.
I could care less about poor Ford's plight. They didn't mind all the workers they put out during obozo when it was cheaper from every where else including importing more of their vehicle related products.
Good for them to be the worthless two-faced whiners they are.
Any workers laid off right now; according to the jobs reports, there are plenty looking for workers since it seems there may be a shortage of such people. Again, good for ford to keep whining and cutting their own throats.
I drive mostly ford vehicles. Since toyota has moved up considerably as a U.S.manufacturer as well, I won't mind changing preferences when I need another vehicle next.
Oct 9, 2018 7:56 PM CST How Donald Trump is singlehandedly destroying the economies of the world
GreyghostWarlockWEST VANCOUVER, British Columbia Canada1 Posts
GreyghostWarlockWEST VANCOUVER, British Columbia Canada1 posts
ooby_dooby: Ford Motor Company is reportedly preparing to initiate major layoffs after suffering a blow to profits of at least $1 billion due to tariffs enacted by President Donald Trump.
The nation’s largest automaker hasn’t yet revealed how many workers will be affected. But a report by Morgan Stanley estimated that as many as 12 percent of the company’s 202,000 workers worldwide could be cut, NBC reported.
Layoffs will center on Ford’s 70,000-strong white-collar workforce as part of what the company is calling a “redesign” of its staff in an ongoing $22.5 billion reorganization, according to NBC.
Trump’s tariffs and the retaliatory tariffs they triggered are taking a toll on the U.S. auto industry.
Ford CEO Jim Hackett told Bloomberg last month that tariffs on imported aluminum and steel alone dealt a blow to company profits.
“From Ford’s perspective the metals tariffs took about $1 billion in profit from us,” Hackett said. “The irony of which is we source most of that in the U.S. If it goes on any longer, it will do more damage.”
Well making a statement like what Fords CEO is really misleading and a bunch of bull. If Ford would stop outsourcing and sending their jobs overseas they wouldn,t have that problem. Let Ford start buying American Steel and Aluminium . ....
Draegoneer: China is in rough shape right now. The currency value is down. It's going to force them to the negotiating table.
I could care less about poor Ford's plight. They didn't mind all the workers they put out during obozo when it was cheaper from every where else including importing more of their vehicle related products.
Good for them to be the worthless two-faced whiners they are.
Any workers laid off right now; according to the jobs reports, there are plenty looking for workers since it seems there may be a shortage of such people. Again, good for ford to keep whining and cutting their own throats.
I drive mostly ford vehicles. Since toyota has moved up considerably as a U.S.manufacturer as well, I won't mind changing preferences when I need another vehicle next.
"China is in rough shape right now. The currency value is down. It's going to force them to the negotiating table. " First China is doing fine, and the RMB is at exactly the place as December 2016, If China lower th RMB that means they can sell cheaper to the USA, good for China. Too many insular Americans forget the USA is just one country in a large world, China is constanl]tly opening new market places, soon they will not need America as a customer.
I could care less about poor Ford's plight. They didn't mind all the workers they put out during obozo when it was cheaper from every where else including importing more of their vehicle related products. Obviously you follow in Trumps shadow, he doesn't care either, or for the miners or for the farmers, like most republicans they only care about thenselves.
Good for them to be the worthless two-faced whiners they are. I'm not sure trying to save countless hundreds of jobs can be termed "Whining", but then I am not a selfish heartless egotistical moron.
Any workers laid off right now; according to the jobs reports, there are plenty looking for workers since it seems there may be a shortage of such people. Again, good for ford to keep whining and cutting their own throats. If there is a shortage of labour, maybe the USA needs to open their borders, start to welcome immigrants
I drive mostly ford vehicles. Since toyota has moved up considerably as a U.S.manufacturer as well, I won't mind changing preferences when I need another vehicle next. Toyota is and always will be a Japanese company, they just let you think they are American, but good luck finding a well designed, well built American vehicle Of course, you could buy a German BMW or Merc or VW, but Trump has imposed tariffs so way out of your price range.
GreyghostWarlock: Well making a statement like what Fords CEO is really misleading and a bunch of bull. If Ford would stop outsourcing and sending their jobs overseas they wouldn,t have that problem. Let Ford start buying American Steel and Aluminium . ....
Did you skip reading comp on your quest for 2 Masters Degrees? Let me help you with the part you obviously missed. "“From Ford’s perspective the metals tariffs took about $1 billion in profit from us,” Hackett said. “The irony of which is we source most of that in the U.S. If it goes on any longer, it will do more damage.”
By the way, You're living proof that education doesn't equal intelligence. You claim to have a BS and 2 Masters and yet you smoke cigarettes??????
By the way, You're living proof that education doesn't equal intelligence. You claim to have a BS and 2 Masters and yet you smoke cigarettes??????Your logic seems to have grown a prejudice
By the way, You're living proof that education doesn't equal intelligence. You claim to have a BS and 2 Masters and yet you smoke cigarettes??????Your logic seems to have grown a prejudice
Actually, the opposite is true, Einstien smoked and according to science, smoking keeps the brain more active which in turn makes the person more able to think through problems more clearly. If you check on google you will see that worldwide more people with above average IQ smoke than those with average or low IQ.
rizlared: Actually, the opposite is true, Einstien smoked and according to science, smoking keeps the brain more active which in turn makes the person more able to think through problems more clearly. If you check on google you will see that worldwide more people with above average IQ smoke than those with average or low IQ.
That was not my quote although it got mixed with my reply. I agree with you, although i don't smoke
rizlared: Actually, the opposite is true, Einstien smoked and according to science, smoking keeps the brain more active which in turn makes the person more able to think through problems more clearly. If you check on google you will see that worldwide more people with above average IQ smoke than those with average or low IQ.
What a load of utter crap. These sorts of statements make me despair for the future of humanity, seriously.
PeKaatjeAnkeveen, North Holland Netherlands6,334 posts
well, let him destroy the economies, no more money anywhere. In my country we used to have just as much money as there was gold in the bank, that is long gone now, when they need more money they just print some. Money is just a piece of paper with a list on it what you can do with it and what you can buy with it.
rizlared: "China is in rough shape right now. The currency value is down. It's going to force them to the negotiating table. " First China is doing fine, and the RMB is at exactly the place as December 2016, If China lower th RMB that means they can sell cheaper to the USA, good for China. Too many insular Americans forget the USA is just one country in a large world, China is constanl]tly opening new market places, soon they will not need America as a customer.
I could care less about poor Ford's plight. They didn't mind all the workers they put out during obozo when it was cheaper from every where else including importing more of their vehicle related products. Obviously you follow in Trumps shadow, he doesn't care either, or for the miners or for the farmers, like most republicans they only care about thenselves.
Good for them to be the worthless two-faced whiners they are. I'm not sure trying to save countless hundreds of jobs can be termed "Whining", but then I am not a selfish heartless egotistical moron.
Any workers laid off right now; according to the jobs reports, there are plenty looking for workers since it seems there may be a shortage of such people. Again, good for ford to keep whining and cutting their own throats. If there is a shortage of labour, maybe the USA needs to open their borders, start to welcome immigrants
I drive mostly ford vehicles. Since toyota has moved up considerably as a U.S.manufacturer as well, I won't mind changing preferences when I need another vehicle next. Toyota is and always will be a Japanese company, they just let you think they are American, but good luck finding a well designed, well built American vehicle Of course, you could buy a German BMW or Merc or VW, but Trump has imposed tariffs so way out of your price range.
You can explain why it is then that Chinese banks have been aloud to reduce the capital held . Little pointers that show the pressure china is trying to mitigate .
CS: WOW!!!!!!! America has sacrificed more to help others BY FAR!! I believe Americans give more charity and help to others than the rest of the world 'combined'...but please, let's go with what you proclaim.
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The nation’s largest automaker hasn’t yet revealed how many workers will be affected. But a report by Morgan Stanley estimated that as many as 12 percent of the company’s 202,000 workers worldwide could be cut, NBC reported.
Layoffs will center on Ford’s 70,000-strong white-collar workforce as part of what the company is calling a “redesign” of its staff in an ongoing $22.5 billion reorganization, according to NBC.
Trump’s tariffs and the retaliatory tariffs they triggered are taking a toll on the U.S. auto industry.
Ford CEO Jim Hackett told Bloomberg last month that tariffs on imported aluminum and steel alone dealt a blow to company profits.
“From Ford’s perspective the metals tariffs took about $1 billion in profit from us,” Hackett said. “The irony of which is we source most of that in the U.S. If it goes on any longer, it will do more damage.”