Just hours after being downgraded to one notch above junk (in what would be one of the biggest 'fallen angels' of this cycle) - due to the erosion in Ford's "global business position and the challenges it will face implementing" its restructuring effort that could rack up $11 billion in the next three to five years - Ford has canceled plans to import a new crossover model from a plant in China, claiming that President Trump's tariffs compromised the business case for bringing the vehicle to the U.S. market.

As Bloomberg reports, Kumar Galhotra, president of North America, said in a conference call with reporters thatTrump's move to slap China-built autos with an additional levy of 25 percent undermined the profitability of the Focus Active that Ford planned to start shipping into the U.S. about a year from now, adding that the company decided that it wasn't worth investing more money in a vehicle that it would have sold fewer than 50,000 units a year in the U.S.