Wintrust Business Minute: Ford temporarily shuts down South Side Chicago factory

Steve Grzanich has the business news of the day with the Wintrust Business Minute.

Ford has temporarily shut down its South Side Chicago factory as it struggles to get rare earth magnet supplies from China. Those components are essential to car production and have been trickling out of China as a result of the trade war. The Chicago plant makes Ford Explorer SUVs and shut down for a week last month. China implemented a new approval process that’s slowed down the export of rare earth magnets to the U.S. Ford’s CEO says the company has yet to see an improvement in the rare earth supplies. The materials are used to power various components in Ford vehicles, including windshield wipers, seats, and audio systems.

Also, accounting firm Baker Tilly is moving its U.S. headquarters from Michigan Avenue to the Fulton Market District. Listen for more below: