Ford Motor Company faced an unexpected $900 million tariff hit last year due to a last-minute change in the Trump administration's tariff relief program, according to BBC Business. The US carmaker's costs were significantly higher than anticipated, impacting its financial performance.
The tariff relief program was designed to help car companies offset levies imposed by the Trump administration. It allowed car makers importing parts for vehicles assembled in the US to apply for credits. However, Ford executives stated that administration officials informed them in December of a new, later effective date for the policy, resulting in fewer gains from the credits than expected. Chief Executive Jim Farley indicated that Ford spent double what it had initially anticipated on tariffs, according to BBC Business.
Meanwhile, US consumer spending slowed in December, raising concerns about a potential economic slowdown, as reported by BBC Business. Retail sales remained flat during the holiday season, a departure from the robust spending seen in previous months. This slowdown occurred despite continued consumer spending, even as economic sentiment dimmed. Factors such as a faltering labor market, persistent inflation, and cooling wage growth contributed to the lackluster end of the year, according to the Commerce Department report cited by BBC Business.
In other news, a senior Iranian official, Ali Larijani, condemned the "language of force" and stated that Tehran was ready to engage in realistic nuclear talks with the United States. Speaking in Muscat during a visit to Oman, Larijani emphasized the importance of resolving issues through dialogue, according to Al Jazeera.
Also, a motorcyclist was hit by an Israeli strike in Gaza, as reported by Al Jazeera. The Israeli military has continued to violate the ceasefire, having killed nearly 600 Palestinians in Gaza since the truce was agreed last October.
Finally, United States authorities arrested a person in connection with the disappearance of Nancy Guthrie, the mother of news anchor Samantha Guthrie, according to Al Jazeera. The arrest followed the release of surveillance videos by the FBI, showing a person wearing a balaclava and a handgun holster outside Guthrie's home on the night she disappeared.
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