At a conference held recently, Ford CEO Jim Farley described President Trump’s proposal to impose tariffs of 25% on Canada and Mexico, and 10% on China, among others, as a disaster for American companies doing business worldwide. Farley warned on Tuesday that the automaker is experiencing “many costs and a lot of chaos” as a result of the tariff threats and the Trump administration’s hostility towards electric vehicles. Although Trump has stated that strengthening the American manufacturing industry is an absolute priority, Farley claimed that the […]
At a recently held conference, Ford CEO Jim Farley described the proposal by President Trump to impose tariffs of 25% on Canada and Mexico, and 10% on China, among others, as a disaster for American companies doing business worldwide.
Farley warned yesterday Tuesday that the car manufacturer is experiencing “many costs and a lot of chaos” as a result of tariff threats and the Trump administration’s hostility towards electric vehicles.
Although Trump has stated that strengthening the U.S. manufacturing industry is an absolute priority, Farley stated that the government has so far created a great “political uncertainty” due to its constantly changing tariff policies and the uncertainty surrounding the possible reduction of tax credits that favor electric vehicles.
Europe and Asia, the big beneficiaries of tariffs
Jim Farley, speaking at a financial conference, said that Trump’s original proposal to impose a 25 percent tariff on Mexico and Canada would be disastrous for American companies operating throughout the region and would unfairly benefit European and Asian car manufacturers that also import to the United States.
Last week, Trump suspended tariffs for 30 days after Canada and Mexico made concessions. However, the Trump administration, which yesterday revealed plans to implement a 25% tariff on steel and aluminum, has not ruled them out as a possibility.
According to Farley, Ford sources most of those two metals from American companies, but its suppliers have sources abroad.
“President Trump has talked a lot about strengthening our American automotive industry, bringing more production here, more innovation. So far, what we are seeing is a lot of cost and a lot of chaos,” he stated.
On Trump’s first day in office, an executive order hinted at the possible elimination of tax benefits that favor electric vehicles, which only adds uncertainty for the industry.
Author: Chema Carvajal Sarabia
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