#MAGA: Trump Tariffs Cripple Ford, Losing $1 Billion, Stock Down 25 Percent, At Least 24,000 Layoffs Underway

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Ford Motor Co.  is having a bad year in 2018. Its stock is down 29%, and the tariffs imposed by President Trump have reportedly cost the company $1 billion, as the company is in the midst of a reorganization. Now, the company is announcing layoffs.

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Jim Hackett, Ford’s CEO, is working to engineer a $25.5 billion restructuring  of the automaker, hoping to cut costs and remain competitive, the Wall Street Journal reports. But auto sales are down, and one reason is the trade tariffs that Trump has imposed on metals and other goods. According to Bloomberg, Hackett has said they have already cost the company $1 billion in profit and could do “more damages” if the disputes aren’t resolved quickly.

 

Ford, the No. 2 U.S. automaker by sales, is making aggressive job cuts as part of that reorganization, NBC News reported. While the company hasn’t said how many jobs will be lost, a report from Morgan Stanley estimates “a global headcount reduction of approximately 12 percent,” or 24,000 of Ford’s 202,000 workers worldwide.”

 

 

Ford has not responded to a request for comment.

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Written By: Tommy Lightfoot Garrett

Photographs are Courtesy:  AP

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