Trump steel, aluminum imports likely to drive up car costs, industry leaders say President Donald Trump's tariffs on steel imports this week could wreak havoc on American auto manufacturing, industry leaders say.
Most of the three automakers’ steel and aluminum already comes from North America, Ford included; CFO Sherry House noted Tuesday during a Wolfe Research conference that 90% of the company's steel comes from the U.S., and that aluminum is also not that competitive.
“Steel producers have to find ways to increase capacity, and aluminum and steel might be in short supply in the short term,” said Sam Fiorani, analyst at AutoForecast Solutions, which studies the industry.
The Trump administration has also upended electric vehicle policy put in place under former President Joe Biden, targeted EV charging infrastructure, as well as directed review of vehicle emissions and fuel economy rules — all of which could play a role in automaker plans to decarbonize.
To Ford CEO Jim Farley, Trump's early actions in office — which also include 25% tariffs on goods coming from Mexico and Canada, although delayed by a month — are already challenging the Dearborn, Michigan, automaker.
