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Ford Motor CEO Jim Farley met with U.S. lawmakers after raising concerns that a 25% tariff on Canadian and Mexican imports could severely impact the American auto industry. Farley spoke with Senators Roger Marshall, Elissa Slotkin, Deb Fischer, and multiple House lawmakers, emphasizing the risks of President Donald Trump's proposed tariffs.
Farley warned that tariffs on Mexico and Canada could disrupt the industry, increase costs, and benefit foreign competitors. Speaking at a Wolfe Research conference, he stated that such tariffs could "blow a hole" in the U.S. auto sector. He also expressed concerns that rescinding electric vehicle (EV) incentives could put jobs at risk, as Ford has heavily invested in battery production and assembly plants in Ohio, Michigan, Kentucky, and Tennessee.
Trump recently raised tariffs on steel and aluminum imports to 25% and imposed a 10% tariff on Chinese goods. He has also threatened a 25% tariff on all imports from Canada and Mexico, citing border security concerns, but temporarily paused the decision until March 1.
Democrats have criticized Trump's tariff plans, arguing they could drive inflation and harm American workers. Senate Democratic Leader Chuck Schumer and the Michigan Democratic Party have cited Farley’s remarks as evidence of the potential economic damage.
In response to concerns, Farley stated Ford shares Trump’s goal of strengthening the U.S. auto industry and is committed to ongoing discussions with lawmakers. Meanwhile, Republican lawmakers introduced bills to eliminate EV tax credits and impose a $1,000 fee on new EV purchases to fund road repairs.
As the tariff debate intensifies, the auto industry faces uncertainty, with potential long-term consequences for manufacturing, jobs, and consumer prices.
