Bessent downplays Ford’s $800 million tariff hit

Investing.com -- U.S. Treasury Secretary Scott Bessent on Thursday minimized the significance of Ford Motor (NYSE: F)’s $800 million tariff-related financial hit in Q2, suggesting it stemmed from the automaker’s specific manufacturing choices.

Speaking in an interview with CNBC, Bessent attributed Ford’s tariff impact to the company’s use of aluminum in its popular truck lineup.

"I think that there are were numerous circumstances with Ford," Bessent said. "I believe that the Ford F-150, 250 - their big truck series - is made out of aluminum instead of steel, which is different than other cars. So I think maybe the aluminum tariffs hit them harder."

The Treasury Secretary characterized Ford’s situation as "probably been idiosyncratic" due to these material choices.

Bessent also revealed that the United States plans to engage in negotiations with Canada regarding the metals tariffs. This comes after President Donald Trump increased import tariffs on aluminum earlier this summer.

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