"President Trump has talked a lot about making our U.S. auto industry stronger, bringing more production here, more innovation to the U.S. and if his administration can achieve that ... it would be one of the most signature accomplishments," Farley said.
Canada is the biggest source of U.S. imported steel, which is key to the American auto industry, and the tariffs importers like Ford will have to pay will significantly hurt American consumer prices and competition with foreign vehicles.
Farley warned that there’s an ongoing "global street fight" in the auto industry with the transition to electric vehicles and the rapid growth of Chinese automakers across various markets, indicating now is not the time for disruption.
The CEO said that for all of Trump’s talk about making the American auto industry stronger, “so far what we’re seeing is a lot of costs and a lot of chaos.”.
Jim Farley spoke out this week about the 25 percent across-the-board trade tariffs looming for Mexican and Canadian imports to the U.S., including for steel and aluminum, and warned that it could trigger major job losses in Trump-voting states.
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