Ford CEO Jim Farley criticizes Donald Trump's tariffs and EV policies, arguing they create instability and harm the US auto industry. He highlights the impact of fluctuating tariffs on imports and the uncertainty surrounding EV tax credits.
Ford CEO Jim Farley voiced his strong disapproval of Donald Trump 's tariff policies, characterizing them as detrimental to the North American automotive industry. Farley, speaking at a financial conference, highlighted the immense uncertainty and disruption caused by the Trump administration's fluctuating tariff plans and ambiguous stance on electric vehicle tax credits.
He argued that the initial threat of 25 percent tariffs on imports from Mexico and Canada would have inflicted significant damage on US companies operating across the region, while inadvertently benefiting European and Asian automakers. Though Trump recently suspended these tariffs for 30 days following concessions from Mexico and Canada, the possibility of their reimplementation remains a looming threat. Farley further expressed concern over the administration's plan to impose 25 percent tariffs on steel and aluminum, noting that while Ford primarily sources these metals from US firms, its suppliers also possess international options. This dual sourcing system exposes Ford to price volatility and potential market speculation stemming from tariff rumors.Farley acknowledged President Trump's stated goal of bolstering the US auto industry through increased domestic production and innovation. However, he emphasized the critical need for clear and consistent policies to achieve this objective. He pointed to the Biden administration's Inflation Reduction Act, which incentivizes both consumer EV purchases and the construction of EV manufacturing facilities, as a positive step in this direction. Farley expressed anxiety over the Trump administration's potential to dismantle or weaken this act, citing the president's earlier executive order signaling the possible elimination of EV tax credits. He warned that such a move would jeopardize significant investments Ford has made in US manufacturing facilities across states like Ohio, Michigan, Kentucky, and Tennessee, potentially putting numerous jobs at risk
FORD JIM FARLEY DONALD TRUMP TARIFFS ELECTRIC VEHICLES INFLATION REDUCTION ACT
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