Trump's tariffs are proving costly for a multitude of companies across various industries.
Automaker Ford Motor Co. (F) - Get Report and multinational oil and gas company BP p.l.c. (BP) - Get Report were mixed on Wednesday, Sept. 26, after the Chief Executive Officers at each company said tariffs have dipped into their profits.
"The metals tariffs took about $1 billion in profit from us — and the irony is we source most of that in the U.S. today anyways," Ford CEO Jim Hackett said in an interview on Bloomberg Television. "If it goes on longer, there will be more damage."
"What we're urging our administration to do — where we're in China and in Europe — we say, you need to come to an agreement quickly," Hackett said.
Shares of Ford fell 0.7% to $9.32 at 1:15 p.m. New York time.
Ford in July cut its full-year profit forecast to $1.30 to $1.50 per share, down from its previous outlook of $1.45 to $1.70. The Dearborn, Mich.-based automaker revised its full-year earnings guidance after a challenging second quarter, in which Ford experienced a fire at its U.S. supplier Meridian and "a policy environment that's increasingly uncertain, causing real unfavorable bottom-line effects on the business such as higher commodity costs beyond normal cyclical effects as well as tariff-related impacts," said Chief Financial Officer Robert Shanks.
Meanwhile, London-based BP said the U.S. tariffs on steel and aluminum are increasing costs.
"The crude flow is still continuing to move," BP CEO Bob Dudley said Tuesday in an interview with Bloomberg Television. But "we see the cost of steel going up, for example, in what we're doing in the U.S., by about $100 million."
BP shares rose 0.6% to $46.60.
Ford and BP join retail giant Walmart Inc. (WMT) - Get Report , semiconductor company Micron Technology Inc. (MU) - Get Report and Apple (AAPL) - Get Report in speaking out against the Trump administration's trade policies and tariffs.
President Donald Trump this month escalated his trade dispute with China, imposing 10% tariffs on $200 billion worth of Chinese goods. China then responded with tariffs on $60 billion worth of U.S. products. Although, China on Wednesday announced plans to cut tariffs for imported products such as machinery, electrical equipment and textile products.
The Trump administration earlier this year imposed tariffs of 25% on steel and 10% on aluminum. Between March 23 and July 16, the U.S. collected approximately $1.4 billion in new revenue from the steel and aluminum tariffs, CNBC reported citing a report prepared for members of Congress. Trump tweeted in August that because of tariffs, the U.S. will be able to start paying down large amounts of debt.