U.S. companies in everything from computer chips to tractors have said President Donald Trump’s trade wars, including disputes with Beijing and global steel tariffs, have had an impact on them.
Trump said on May 5 he would raise tariffs on $200 billion worth of Chinese goods from 10 percent to 25 percent, ratcheting up pressure on Beijing to agree to a deal.Apple Inc cut its fiscal first quarter sales forecast, blaming slowing iPhone sales in China where uncertainty around U.S.-China trade relations has hurt the economy.
General Motors Co projected $1 billion extra costs this year for tariffs and raw materials. Steel and aluminum prices have eased, but prices for other commodities such as palladium have risen, it said.Ford said that in 2018 it incurred “headwinds” of about $750 million in tariff-related effects. Lower sales volume and increased commodity costs including tariff-related effects added $500 million to first-quarter costs over the prior year.
But the company last month forecast first-quarter profit below Wall Street estimates, citing lower average selling prices of steel sheets and delay in shipments to customers in the construction sector.
Source: News Formal (newsformal.com)
globeinvestor Americans are willing to pay a tiny bit more for goods to see China reigned in on their abuses. Companies are leaving China as a result. This communist oppressive thieving government does not need the media running interference for them. Shame on you.
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