Ford CEO Expresses Concerns over Tariffs
Ford Motor CEO Jim Farley has highlighted the negative impact of President Trump's tariffs, stating that they have resulted in "a lot of cost and a lot of chaos." Farley acknowledged the president's intention to bolster the American auto industry, but emphasized the current drawbacks.
In preparation for potential 25% tariffs on imports from Mexico and Canada, Ford is exploring options to build up inventory. Farley noted that the company is not significantly affected by increased tariffs on steel and aluminum, as it primarily sources these materials from the US. However, Ford anticipates absorbing some costs from suppliers.
Farley expressed support for the administration's goal of strengthening the US auto industry and fostering innovation within the country. However, he stressed that the current tariff policies are proving counterproductive.