The head of the Lonski John Lonski Group dismantles President Donald Trump’s economic agenda during its appearance on “Varney & Co.”
The Ford CEO Jim Farley said on Tuesday, this president said Donald Trump The Push tariff has so far brought “a lot of cost and a lot of chaos” to the auto industry despite the president’s goals to help this industry.
“President Trump has talked a lot about making the American auto industry stronger, making more production here, and more innovation for the United States, and if this administration can achieve this, it will be one of the most signing achievements,” Farley said in a analyst. Conference in Detroit.
“So far, what we see is a lot of cost and a lot of chaos,” he added.
Farley also said that if 25 % of Trump Definitions on Mexico and Canada It is implemented and remains valid in the long term, as it will “explode a hole” in the American auto industry, with its competitors from Asia and Europe ready to benefit.
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Jim Farley, CEO of Ford, warned that the tariff on Mexico and Canada “will explode a hole” in the American auto industry in the long run. (Emily Elconin / Bloomberg via Getty Images / Getty Images)
“Let’s be true honest: in the long run, a 25 % tariff throughout Mexico, and Canada the border will blow a hole in United States industry “Frankly, it gives freedom to freedom to the South Korean companies, Japanese and European companies that bring from 1.5 million to two million cars to the United States that will not be subject to that Mexican and Canadian tariffs. It will be one of the largest of these companies ever,” said Farley.
“Meanwhile, we are Compatible with USMCA With almost all of our content, vehicles and final ingredients pass through the border. “For a kind of customs tariff, it will be devastating,” said Farley.
| index | protection | last | Changing | % Change |
|---|---|---|---|---|
| and | Ford Motor Company. | 9.21 | -0.03 |
-0.32 % |
| General Motors | General Motors Company. | 46.70 | +0.13 |
+0.28 % |
| pressure | Stelantis Nv | 13.10 | +0.12 |
+0.96 % |
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Jim Farley, CEO of Ford Jim Farley, warned that foreign auto companies will benefit if the Trump tariff is carried out by 25 % on Mexico and Canada. (Photographer: Emily Elconine / Bloomberg via Getty Earth / Tire)
Analysts said that the Michigan -based Automotive Company, based in Michigan, is less exposed to the repercussions of customs tariffs on Canada and Mexico than its competitor at Crossston or Stelins, the analysts said.
That is because more Ford Manufacturing It is located within the United States and the vehicles it imports from outside the country to be less profitable than the products that its competitors import.
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Ford Execs said that the company is a lot of steel and aluminum locally, and therefore this suspended tariff will not be harmful to its operations. (Jeff Kowalsky / Getty Images)
Executive officials said on Tuesday that Ford is studying the fields in which the stock can be built to prepare for potential definitions by 25 % on Mexico and Canada.
This customs tariff was planned to become valid in early February, but Trump had delayed at least a march after Canada and Mexico announced border security measures.
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Trump’s announcement of the definitions of steel and aluminum, which is scheduled to enter next month with Ford CEOs Noting that the company gets 90 % of the steel from the United States and about 10 % of Canada, while the company’s aluminum is mainly obtained locally.
Reuters contributed to this report.
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