More US Companies Warn Tariffs will Lead to Higher Prices
A growing number of major American companies are warning that President Donald Trump's tariffs on U.S. imports are raising their costs and prices.
Jim Hackett, head of Ford Motor Company, said on Wednesday that the new tariffs on steel and aluminum are costing Ford $1 billion. He also said the taxes may cause price increases in the automobile industry.
Ford is the second-largest automaker in the United States.
In this Wednesday, May 8, 2013 photo, new 2013 Ford Fusions are seen at an automobile dealer in Zelienople, Pennsylvania. (AP Photo/Keith Srakocic)
Walmart, America's largest store, has told the Trump administration that the latest tariffs — on $200 billion of Chinese imports — could increase prices. The company pointed to products like car seats, hats, and bicycles.
Procter & Gamble, the maker of cleansers and personal care products, has warned of possible price increases and job losses because of the tariffs.
In addition, drinking Coca-Cola is costing Americans more because of the taxes. Other businesses, like Macy's and Gap, warned of likely price increases.
On Wednesday, Federal Reserve Chairman Jerome Powell spoke about the issue after the Fed's members voted to raise interest rates. The Federal Reserve System is America's central bank.
Asked about the tariffs forcing up prices for Americans, Powell said that Fed officials are hearing from businesses about possible higher costs.
"You don't see it yet," the chairman said, commenting about reports the Fed studies.
However, Powell added that the tariffs might provide a reason for companies to raise prices "in a world where they've been very reluctant to and unable to raise prices."
Speaking in New York Wednesday, Trump rejected the idea that the tariffs could create an economic risk. He said that Americans would not notice the new taxes.
"It's had no impact...on our economy," the president said after meetings with foreign leaders at the United Nations General Assembly.
Ford Motor Company's Jim Hackett said that he estimates the latest tariffs will cost his company about $1 billion.
Ford buys most of its metals from U.S. producers. They have raised prices this year as a result of the tariffs on foreign competitors, the company has said.
Other companies that make cars in the U.S. are seeing the same price increases, said Peter Nagle of the IHS Markit research service. For now, these businesses are paying the increased costs themselves, but eventually they will have to raise prices, he added.
Car manufacturers are keeping prices low because they think Americans cannot pay higher prices, Nagle said. But if the tariffs continue, "some of those costs would have to start being passed along" to U.S. buyers.
The Trump administration set a 25 percent tariff on imported steel and 10 percent tariff on aluminum from some countries, including China, in March. It added Canada, Mexico and the European Union to the list in June.
The administration justified the tariffs by saying foreign steel and aluminum are a threat to U.S. national security.
Nagle said steel prices are up 25 percent since the tariffs began, and he expects that to rise to near 30 percent next year.
I'm Susan Shand.
1.national security 国家安全
He added that his aim was to protect young Egyptians and national security.
2.For now 目前为止
For now we want to focus on one particular problem.
3.forcing up 推高
They banned the forcing up of grain prices.
4.interest rates 利率
Low interest rates are bad news for savers.
5.Earlier Friday, the Senate committee voted in support of the nomination of Kavanaugh.
had no impact on 对...没有影响
The global economic downturn has had no obvious impact on us till now.
The financial crisis has had no impact on my sales.
6.A growing number of major American companies are warning that President Donald Trump's tariffs on U.S. imports are raising their costs and prices.
A growing number of 越来越多的
A growing number of customers have been inquiring about the pending price rises.
A growing number of employers are trying to bypass the unions altogether.
周三，福特汽车公司负责人吉姆·哈克特（Jim Hackett）表示，对钢铁和铝产品的新关税将导致福特公司的成本增加10亿美元 。他还表示，这些税收可能会导致汽车行业价格上涨 。
美国零售业巨擘沃尔玛超市对特朗普政府表示，近期对中国进口产品征收2000亿美元的关税可能会抬高物价 。该公司提到了汽车座椅、帽子和自行车等产品 。
此外，因为征收关税，美国人喝的可乐也要涨价 。梅西百货和Gap等企业也警告可能会提高物价 。
周三，美联储主席鲍威尔（Jerome Powell）在美联储成员投票决定加息后谈到了这个问题 。联邦储蓄体系是美国的中央银行 。
周三，特朗普在纽约发表讲话时驳斥了关税可能造成经济风险的观点 。他说，美国人不会注意到新的关税 。
福特从美国生产商那采购大部分金属材料 。该公司表示，由于对外国竞争对手征收关税，今年这些美国生产商都提高了价格 。
IHS Markit 研究机构的彼得·内格尔(Peter Nagle)表示，美国其它汽车制造公司也预见到同样的价格上涨 。他补充说，目前来看，这些企业自行承担了成本上涨，但最终他们还是要提高价格 。
内格尔表示，汽车制造商要维持低价，因为他们认为美国人付不起更高的价格 。但是如果关税继续征收，“其中一些成本势必会逐渐转嫁给美国消费者 。”
3月份，特朗普政府对来自中国等一些国家的进口钢材征收25%的关税，铝产品征收10%的关税 。6月份，加拿大、墨西哥和欧洲也被列入征税名单之中 。
内格尔表示，自从开始征收关税后，钢铁价格上涨了25% 。他预计，明年的涨幅将接近30% 。