In an earnings call with investors, Ford Motor CEO, Jim Farley, has spoken out against the Trump administration’s tariffs, stating that the administration should take a “comprehensive” look at how they are affecting the domestic automotive industry.
Farley asserted that if the world is hit with tariff hikes, it will affect the profits of U.S. owned companies, by the billions.
“There’s no question that tariffs at a 25% level from Canada, Mexico, if they’re protracted, would have a huge impact on our industry, with billions of dollars of industry profits wiped out and an adverse effect on the US jobs as well as the entire value system in our industry. Tariffs would also mean higher prices for customers,” Farley stated.
“We believe, based on our conversations in D.C. with the Trump administration and congressional leaders, that they are committed to strengthening, not weakening our nation’s auto industry. That is certainly our expectation. And we look forward to working with our leaders to make sure that that becomes a reality. Because they understand and appreciate how vital our industry is to jobs, the economy, our national security and the communities across our country,” Farley added.
Farley noted that imports from Japan and South Korea have little to no duties compared with Canada and Mexico. “There are millions of vehicles coming into our country that are not being applied to these… So if we’re going to have a tariff policy … it better be comprehensive for our industry.”
“We can’t just cherry pick one place or the other because this is a bonanza for our import competitors,” Farley concluded.
By CEO NA Editorial Staff
