Ford and General Motors Assessing Tariffs Impact in China
09 July, 2018, 03:41 | Author: Eric Barnett
China's foreign ministry says retaliatory tariffs on USA goods "took effect immediately" after Washington raised import duties on billions of dollars of Chinese goods.
Daimler has already said that its profits this year will be hit by additional tariffs on vehicles it ships from its USA plant to China.
General Motors announced that it is continuing to assess the impact potential of the all the trade proposals and actions, including the tariffs in both the US and China. Last year, it shipped about 80,000 vehicles to China from North America, more than half of them its upper-end Lincolns - including the Lincoln Continental sedan and the Lincoln MKX crossover SUV.
The U.S. officially imposed its new duties on $34 billion worth of goods from China on Friday, which is part of a larger threat that President Donald Trump made to hit Beijing with new tariffs on imports worth up to $450 billion.
Ford added it encouraged Washington and Beijing to resolve their issues over trade and that it would "continue to monitor the situation as it evolves".
CFRA analyst Efraim Levy says China is a much larger problem for Ford than Europe is.
All Lincoln vehicles that Ford sells in China are imported from North America. A year ago the brand sold 54,124 vehicles in China, the world's largest auto market, up 66 percent from 2016.
The new tariffs come "in light of China's theft of intellectual property and technology and its other unfair trade practices", the White House said in a statement on June 15.
Other firms that export USA -made cars to China include BMW, Daimler's Mercedes and Tesla. Last year, its sales fell 6 percent even as overall vehicle sales in China rose 3 percent.
"We think Ford is largely insulated from a battle with Europe, as most of what it sells in Europe is produced there and would therefore not be subject to potential countering European tariffs", Levy says.
Fiat Chrysler Automobiles NV (FCA) produces the bulk of the vehicles it sells in China locally, but exports the Jeep Wrangler, Jeep Grand Cherokee and Chrysler Pacifica minivan to China.
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