Trump's tariffs have already cost Ford $1B; now it's planning layoffs

Nov 2005
6,967
1,638
California
#1
Ford will be making cuts to its 70,000-strong white-collar workforce in a move it calls a "redesign" of its staff to be leaner, have fewer layers, and offer more decision-making power to employees, the company announced.

The number of jobs that will be axed is unknown at this point.

“A lot of the (reorganization) is about making different choices about strategy,” Chief Financial Officer Bob Shanks told NBC News, adding that the goal isn’t just to slash spending but to improve the “fitness” of the company.

However, a recent report by Morgan Stanley estimates "a global headcount reduction of approximately 12 percent,” or 24,000 of Ford's 202,000 workers worldwide. "Such a magnitude of reduction is not without precedent in the auto industry,” analysts wrote in the investment note.

The decision is part of Ford's $25.5 billion reorganization plan, which includes slashing $6 billion in improved capital efficiencies. Ford CEO Jim Hackett, who cut more than 12,000 jobs as head of office furniture maker Steelcase, had been expected to make cutbacks even sooner, according to some observers. Hackett took over from Ford veteran Mark Fields when he was ousted from the company in May 2017.

Ford is lagging behind the competition, selling an anemic 32.8 vehicles per employee. Long-time rival GM puts out 52.7 vehicles per employee. But it's unclear exactly how improved efficiencies will impact potential job cuts.

Ford has already warned that President Donald Trump's auto tariffs have impacted the company to the tune of $1 billion, and the president’s trade policies threaten to play havoc with Ford’s ongoing reorganization, Shanks told NBC News.

Trump and Ford have been squaring off since well before the 2016 election, when then-presidential candidate originally threatened to impose hefty tariffs on vehicles Ford intended to start importing from a factory in Mexico. The carmaker eventually scrubbed that plan, but rather than return production to the U.S. it decided to move it to China.
Trump's tariffs have already cost Ford $1B; now it's planning layoffs

Trump's tariffs having a detrimental effect?
Who would have figured that?
 
Nov 2012
5,269
3,162
Kekistan
#2
From your source

Trump and Ford have been squaring off since well before the 2016 election, when then-presidential candidate originally threatened to impose hefty tariffs on vehicles Ford intended to start importing from a factory in Mexico. The carmaker eventually scrubbed that plan, but rather than return production to the U.S. it decided to move it to China.
Ford made bad decisions.
 
Nov 2005
6,967
1,638
California
#3
From your source
Ford made bad decisions.
How do you label that a "bad decision"?
Do you think Ford looked at their options and said "Hey! I want to go with the more expensive location!"?

It's funny how the right proclaims that government should not interfere with business. Because that supposedly innately harms business...
But when Trump is shown explicitly harming business, you guys don't want to hear it...
 
Likes: imaginethat
Nov 2012
5,269
3,162
Kekistan
#4
How do you label that a "bad decision"?
Do you think Ford looked at their options and said "Hey! I want to go with the more expensive location!"?

It's funny how the right proclaims that government should not interfere with business. Because that supposedly innately harms business...
But when Trump is shown explicitly harming business, you guys don't want to hear it...
How is GM and Chrysler doing? Its funny when GM was going bankrupt and Ford was not how you guys on the left demanded the government bail out. See how this works?
Its funny how for decades, the Democrat party demanded worker protections and the GOP stood up to it, now, because of Trump, the left is in the Goddamn the workers mode.

Ford chose to move production to China, now Ford is subject to tariffs. Trump said what he was going to do. Ford made a gamble. It failed. Ford made another gamble that you failed to mention

Ford Will Stop Making Cars — Except These 2 Models

Yeah, blame Trump, thats all you got. Just make sure you keep as many of the facts out of sight as you can. I got your back though.
You are welcome
 
Nov 2005
6,967
1,638
California
#5
How is GM and Chrysler doing? Its funny when GM was going bankrupt and Ford was not how you guys on the left demanded the government bail out. See how this works?
"you guys"?
That move had Republican support as well.


Its funny how for decades, the Democrat party demanded worker protections and the GOP stood up to it, now, because of Trump, the left is in the Goddamn the workers mode.
I don't know why you find this "funny".
Do you think we should want Ford to fail?


Ford chose to move production to China, now Ford is subject to tariffs. Trump said what he was going to do. Ford made a gamble. It failed.
Jesus. You guys are astounding.
If something improves in the economy, give Trump credit.
If something worsens in the economy, blame the company.
It's pathological!


Ford made another gamble that you failed to mention
Ford Will Stop Making Cars — Except These 2 Models
Yeah, blame Trump, thats all you got.
As opposed to giving Trump all the credit? And that's all you got?
You can't have it both ways.

And for the record, I'm not trying to say that Ford was a prime profit company and then Trump destroyed them.
I am saying that Trump's tariffs harm companies. Which is the truth.
 
Nov 2012
5,269
3,162
Kekistan
#6
guy39 said:


How is GM and Chrysler doing? Its funny when GM was going bankrupt and Ford was not how you guys on the left demanded the government bail out. See how this works?

"you guys"?
That move had Republican support as well.
Not really
G.O.P. Senators Oppose Auto Bailout




guy39 said:


Its funny how for decades, the Democrat party demanded worker protections and the GOP stood up to it, now, because of Trump, the left is in the Goddamn the workers mode.

I don't know why you find this "funny".
Do you think we should want Ford to fail?
No, they can always file bankruptcy. That is what its there for.



guy39 said:


Ford chose to move production to China, now Ford is subject to tariffs. Trump said what he was going to do. Ford made a gamble. It failed.

Jesus. You guys are astounding.
If something improves in the economy, give Trump credit.
If something worsens in the economy, blame the company.
It's pathological!
Shall I start discussing the increase in manufacturing, unemployment numbers and yes even increase in wages?
We can go there if you like
Fuck it, lets go there
https://www.bls.gov/web/empsit/ceshighlights.pdf





guy39 said:


Ford made another gamble that you failed to mention
Ford Will Stop Making Cars — Except These 2 Models
Yeah, blame Trump, thats all you got.

As opposed to giving Trump all the credit? And that's all you got?
You can't have it both ways.
As opposed to being chicken little and desperately trying to blame Trump for everything bad while cherry picking headlines, devoid of facts?

And for the record, I'm not trying to say that Ford was a prime profit company and then Trump destroyed them.
That is exactly what you are saying. Just look at the headline of this thread.
I am saying that Trump's tariffs harm companies. Which is the truth.
Well, its good to see you have such concern for the companies. Gosh, I mean they might have to take a profit hit when they realize they will have to manufacture more and hire more in the USA.
See above stats for verification.
That is the point of tariffs. It is to protect US workers. Do you realize how many nations have tariffs? Trump is actually leveling the playing field. No more being forced in competing with slave labor and non regulated business markets in the name of higher profits. You know, the shit that the Democrats use to support not so long ago. Back when they were the working mans party instead of the party of identity politics. Either companies can adjust to that or they can not. Its really simple.
 
May 2018
1,956
1,365
USA
#7
The orange baboon is just playing to his ignoramus base. He has no idea what he's doing. I'm glad I'm fairly well off, it'll be fun watching the wheels come off the economy in the next couple years under his incompetent leadership. Just yesterday the Dow lost 800+ points, and it's down over a hundred today, too, so far.
 
Likes: leekohler2
May 2018
1,956
1,365
USA
#8
"you guys"?
That move had Republican support as well.



I don't know why you find this "funny".
Do you think we should want Ford to fail?



Jesus. You guys are astounding.
If something improves in the economy, give Trump credit.
If something worsens in the economy, blame the company.
It's pathological!



As opposed to giving Trump all the credit? And that's all you got?
You can't have it both ways.

And for the record, I'm not trying to say that Ford was a prime profit company and then Trump destroyed them.
I am saying that Trump's tariffs harm companies. Which is the truth.
guy39 lives in a fantasy world.