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Ford CEO Jim Farley has a doubt about President Donald Trump ’s threatened tariffs on significance from Mexico , Canada , and China : Why stop there ?
Farley said in a group discussion call Wednesday that Trump ’s selective plan of attack “ does n’t make sense . ”
“ Why are we having this conversation while Hyundai - Kia is importing 600,000 units in the U.S. with no incremental tariff ? And why is Toyota able-bodied to import a half a million vehicles in the U.S. with no incremental tariff ? ” Farley question . “ If we ’re lead to have a duty insurance that lasts for a calendar month , or whatever it ’s go away to be , years — it better be comprehensive for our industry . We ca n’t just cherry pick one place or the other , because this is a windfall for our import competitors . ”
In a statement , Ford spokesperson Ian Thibodeau said Farley “ was n’t calling for more tariffs . ”
“ He was explain that what ’s presently on the table would negatively affect only some global automaker that meaning parts or vehicles from North America , ” Thibodeau said . “ That , while companies from Korea , Japan and Germany would be capable to go on to import vehicles to the U.S. without a similar penalty . ”
Farley ’s more protectionist thinking comes at a tricky time for Ford .
The company announced Wednesday that it lose more than $ 5 billion on its EV curriculum in 2024 . Its electric getaway hand truck , the F-150 Lightning , was outsold last year by the Cybertruck . The company is developing a low - price EV platformthat could power a bit of vehicle , but it ’s still years out . And while the company circumvent Wall Street expectations for 2024 , it auspicate a harsh year forward .
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In the lag , Ford confirmed it is look to expand into offering “ extended range ” hybrid powertrains ( essentially electric vehicle with a gas author on board ) in ordering to win over buyers who do n’t want to go all - in on battery exponent .
But first , it has to pilot the chaos create by the Trump administration .
Farley warned that the proposed 25 % tariffs on signification from Mexico and Canada would cause “ billions of dollars ” of diligence profit to be “ wipe out , ” would have an “ adverse gist on the U.S. jobs ” in the auto sphere , and would intend “ high monetary value ” for customer .
If those tariffs are implemented and sustain — a big “ if , ” considering Trump has already punted the deadline to implement them a calendar month — Farley enunciate they would have a “ devastating impact . ”
And yet , Farley said he believes the administration is “ committed to strengthening , not damp our commonwealth ’s auto industriousness . ”
“ They infer and appreciate how full of life our diligence is to jobs , the economy , our national security and the biotic community across our nation , ” Farley said .
