Ford CEO urges Trump not to ‘cherry-pick’ tariffs as auto industry faces multibillion dollar threat
Ford (:Knock) CEO Jim Farley came out President Trump tariff plans – But not so much in the upcoming road.
During the call of Ford’s Q4 earnings yesterday, Farley warned that long-term import tariffs from Mexico and Canada, where Ford and the rival writing (Waterfall) make vehicles, would have “devastating effect” on the industry with potential Million’s profits must be deletedA number
But he singled out other cars that import cars from foreign America and pay no tariffs that are not forced to claim that the current tariff scheme, targeted countries, is not fair.
“It doesn’t make sense to me why we have this conversation [South Korea’s] Hyundai-KIA imports 600,000 points in the United States without additional tariffs, and why [Japan’s] Toyota is capable of importing half a million cars in the United States without additional tariffs. ” Barley says: Tariff policy … It is better to be comprehensive for our industry. “
Farley added: “We just can’t choose a cherry one place or another, because this is a bonanza for our import competitors.”
Read more: What are the tariffs and how do they affect you?
While Toyota (:T.) No additional tariffs on vehicles importing from Japan are to pay more than 2.5%. The low tariffs for Japanese vehicles are interesting, taking into account the import wars, which took place in the 1980s when Japanese car tariffs In some cases exceeded 60%A number
What about Hyundai (:Hymn) and Sister Company KIA, 67% of US sales was a silenced vehicle from plants of US collection plants and Mexico. Last year, 1.7 million cars for sale in the United States.
The United States currently has Free Trade Agreement with South KoreaHowever, no tariffs are collected, as well as light vehicles like cars.
Farley’s focus is on tariffs (and, of course, making sure its competitors face the same difficulties) may not be important to win.
“Trump is not focused on Japan, as he targets the border and his nation’s immediate neighbors,” said Japanese President Joshui. Automotive News:A number of “Japan is in a much better position than many other countries.”
Even if the commercial war is done with Canada and Mexico, Farley believes that Ford is better located than other competitors, as it is the most popular US function.
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