DETROIT (Reuters) – Ford Motor CEO Jim Farley said President Donald Trump’s proposed and implemented tariffs have added “a lot of cost and a lot of chaos,” although Farley said he believes the president aims to strengthen the American auto industry overall. The automaker is considering areas in which it can build up inventory to […]
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Ford CEO decries “cost and chaos” of Trump tariffs
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DETROIT (Reuters) – Ford Motor CEO Jim Farley said President Donald Trump’s proposed and implemented tariffs have added “a lot of cost and a lot of chaos,” although Farley said he believes the president aims to strengthen the American auto industry overall.
The automaker is considering areas in which it can build up inventory to prepare for potential 25% tariffs on imports from Mexico and Canada, executives said at an analyst conference Tuesday. Trump planned to initiate these duties earlier this month, before delaying them until March.
Ford is not significantly exposed to increased tariffs on steel and aluminum, which Trump raised Monday. The auto company gets most of these materials from the U.S., executives said, although it expects to absorb some cost from suppliers who are more affected.
“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 this administration can achieve that, it would be one of the most signature accomplishments. So far, what we’re seeing is a lot of cost and a lot of chaos,” Farley said.
(Reporting by Nora Eckert; Editing by Chizu Nomiyama)