This week, Ford Motors announced that they have lost $1 Billion in profits due to steel import tariffs. It’s no surprise that the neoliberal media immediately had a field day promoting that story. The problem is that it is a complete PR fabrication by Ford.
On a side note, I have not heard what Conservatives are saying on the matter but no doubt blaming China. That’s barely worth addressing. China is beating us at business using our own tactics. It’s that simple. The difference is that they’re not trying to enforce economic superiority with militaristic threats while we are doing exactly that.
Back to the subject- There are specific aspects of this issue that the media does not address. Notice they make absolutely no mention of how much money Ford made from the bipartisan tax cut handed to them?
The media also does not mention that Ford bought back over 116 million shares of their own stock in recent years. I wonder how much money corporate executives pocketed from that?
The media barely spends 0.5 seconds mentioning that Ford has outsourced huge portions of production to other countries, including China, which very much leads them into this position.
The media intentionally absolutely obscures the fact that it is not Ford who will be affected by the increased cost of steel. It is consumers who will be affected due to the cost of increased vehicle prices. Including for used vehicles. When new vehicles increase in price, so does the price of used vehicles. Ford is not being specifically targeted by increased steel prices. Those increases are across the board for all vehicle manufacturers, so vehicle prices as a whole increase. If Ford vehicle increase by $1000, so does Chevy, so does Hyundai, so does every other vehicle line in production, so it has zero effect on competitive pricing.
Yet none of the above is the biggest deception Ford is attempting to pull off. The biggest lie they are telling is the claim that they just suddenly made this decision due to tariffs. The truth is that this has been planned for a long time, probably years. The evidence for this is in the specific details they offer regarding the decision.
First, they claim they lost $1 Billion. Yet this led them to a decision to enact a corporate restructuring plan that will cost the company over $25 billion. Tell me, if you lost $100 in revenue, would you spend $2500 trying to regain it? That makes no sense at…