Ford CEO: Tariffs Will “Blow A Hole” In Auto Industry

Axios reports:

President Trump’s early tariff moves have one thing in common: No matter the target, they all threaten to “blow a hole” in the auto industry, Ford CEO Jim Farley said Tuesday.

“So far what we’re seeing is a lot of costs and a lot of chaos,” Farley said at a Wolfe Research conference on Tuesday.”Let’s be real honest long-term: a 25% tariff across the Mexico and Canadian border will blow a hole in the U.S. industry that we have never seen,” Farley said.

“And frankly it gives free rein to South Korean and Japanese and European companies that are bringing one-and-a-half to two million vehicles into the U.S. that wouldn’t be subject to those Mexican and Canadian tariffs.”

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