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How running a car company these days is like trying to drive wearing a sleep mask. I'm David Brancaccio in Los Angeles. Ford Motor Company stock is down 2.5% pre-market now after the company said it cannot assess its sales and profits for the rest of the year given tariffs. Marketplace's Nancy Marshall-Genzer reports.
Ford says revenue for the first quarter was down 5% from the same time last year. It blames a planned shutdown of certain plants related to vehicle launches that limited inventory. Ford estimates that tariffs will take a $1.5 billion bite out of its earnings before interest and taxes this year, but then adds that's, quote, "...subject to ongoing tariff-related policy developments."
Companies usually include more detailed financial guidance for the year in earnings reports, projections of things like revenue and costs. But Ford says it can't do that because there are substantial industry risks that could have significant impacts, risks like future or increased tariffs and industry-wide supply chain disruptions.
And that makes updating its financial guidance for the full year challenging right now. But Ford does say it's in a better position than other automakers because it makes more of its vehicles in the U.S. I'm Nancy Marshall-Genzer for Marketplace. Which bird is it? Hawk or...
Or Dove. The guardians of interest rates at the Federal Reserve meet today and tomorrow on what to do about an economy under stress given higher import taxes aimed at reshoring jobs. Hawks use their talons, higher interest rates to beat down inflation. Doves soothe by lowering interest rates to make borrowing easier. Karen Petru is managing partner at Federal Financial Analytics.
The Fed is going to stay up in the trees. They are not going to change rates today. This is, in my strong opinion, because that's what they think the right thing to do at a time of considerable economic uncertainty. But it will raise...
A lot of commentary on ornithology because the president is a dove lover and he is going to be pretty annoyed if the Fed does not lower rates as he thinks it should. Yeah, dove lover, meaning he would like lower interest rates because that eases the pain and certainly helps politically at a time that he is worried
aggressively raising tariffs, even with the ones that were put on hold, still lots of tariffs. Yes, it might ease some of the pain because it would lower rates for people who are borrowing. It might permit a bit even more employment, although employment is very robust. But the Fed's fear, and it's mine too, is that lower rates when there's
All right. Birdwatching at the Central Bank.
Karen Petru, co-founder and managing partner at Federal Financial Analytics in Washington. Always good to catch up. Thanks, David. Bond market, little change now with a Fed decision due tomorrow about two Eastern. S&P futures are down seven tenths percent now. Germany's DAX index is down eight tenths of a percent. After a big political surprise today, the leader of Germany's conservative party could not come up with the votes in parliament to become leader of the country. And he'll have to try again.
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It's a slow start given a campaign goal to deport millions, and the government is now offering to pay people $1,000 if they self-deport. And companies in Mexico are recruiting some recent arrivals with skills, including English. The BBC's Will Grant reports from Tijuana.
Over a steady hum of activity, operators at the Easy Call Centre in Tijuana work through long lists of US phone numbers. All the agents speak fluent English, and the people at the other end of the line are none the wiser. They're talking to agents in Mexico rather than the US.
In fact, virtually every phone operator in the company is a deportee, including Easy Call Center's owner, Daniel Ruiz. We all are dealing with culture shock. We have all of our life over there. We went to school over there, watched TV over there, you know, like brought up on American culture. And we have family over there. Born in Mexico, he grew up in the United States before he was deported for low-level drug crime in his early 20s.
Today, he runs the successful telesales company and co-founded a humanitarian organization called the Borderline Crisis Center. The latest U.S. returnee at the company is Alberto Salagan, who was deported to Tijuana in January. I just pretty much landed here.
by myself, no family, no nothing, no food, no clothes. So I had to do something to get back on my feet. And thanks to the call center, I have a job, you know. I'm at the San Isidro border crossing, one of the busiest international border crossings in the world for so many deportees. Being returned to Tijuana with the United States still visible on the other side of the border is a harrowing experience.
Some haven't lived in this country since they were children or even babies. Nevertheless, some companies have found distinct advantages to employing deportees as staff members. So we're looking at where our agents work. This is a main area for... In particular, one company, the American Survey Company, or ASC, stands out.
It's one thing for a smaller venture like Easy Call Centre to rely on deportees, but ASC and its sister company Voxcentrics have some 550 call centre stations in Tijuana.
Whatever happened in the U.S. stays in the U.S. Nora Diaz is the chief happiness officer at the company. We understand that everybody has a past. We just need people who speak good English, good Spanish, and they're willing to learn and commit to a job. So far, the Trump administration's threat of mass deportation remains exactly that, a threat.
But it has become a powerful tool in dissuading migrants from even attempting to cross into the U.S. In Mexico, I'm the BBC's Will Grant for Marketplace. And as a readout on economic uncertainty, there's news today corporate mergers have hit a 20-year low in the weeks since the big tariff swings. In Los Angeles, I'm David Brancaccio with the Marketplace Morning Report. We're from APM, American Public Media.
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