07-25-2018, 11:53 AM
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Senior Member
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Join Date: Mar 2013
Location: Sierras
Posts: 14,210
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Top American brands say the trade war is now eating into their profits
Quote:
Some of the largest companies in America are reporting this week that they are suffering the sting of the Trump administration’s trade war, sounding alarm in an otherwise prosperous economy.
General Motors said Wednesday that it has lowered its outlook for 2018 earnings in part because of significant increases in the costs of raw material. GM’s stock fell more than 6 percent during early morning trading. Trump imposed tariffs on aluminum and steel — major components of cars — earlier this year.
Harley-Davidson said Tuesday that it is expects its operating margin as a percent of revenue to hit 9 to 10 percent because of the impact of the tariffs, down slightly from last year. And Whirlpool, which was supposed to benefit from Trump-imposed tariffs on foreign-made washing machines earlier this year, reported Tuesday that it did not make its second-quarter earnings estimates as steel prices rose 50 percent.
On a company earnings call, Whirlpool chief executive Marc Bitzer said steel costs worldwide have “risen substantially. ”
“And in particular in the U.S., they have reached unexplainable levels,” Bitzer said.
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This usually means gouging is going on.
https://www.washingtonpost.com/busin...=.d3e0d20ad6da
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White Christian Nationalism:
Freedom for us, order for everyone else, and violence for those who transgress.
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